Articles

About Articles The articles below are published by the Taxation Law Section of the Ontario Bar Association. Members are encouraged to submit articles. About Articles

Editors: Kathryn Walker and Caroline Elias

Today
Today

CRA Follows IRS

  • June 05, 2021
  • Kathryn Walker

The Federal Court ordered that the Minister is authorized to impose on Coinsquare a requirement relating to unnamed persons.  The result is that Coinsquare must produce the requested documents and information about its customers to the CRA.

Student Forum, Taxation Law

Women in Tax: Q&A with Zahra Nurmohamed, Tax Counsel and Senior Director of Professional Development at KPMG Law LLP

  • June 05, 2021
  • Zahra Nurmohamed

Zahra Nurmohamed is an award-winning tax practitioner and former partner in the Toronto office of KPMG Law LLP with over 20 years of experience in Canadian corporate tax matters. She currently serves as Tax Counsel and Senior Director of Professional Development at KPMG Law LLP where she leads the strategic direction and implementation of KPMG Law’s student and associate programs.

Student Forum, Taxation Law

The Delicate Balance Between Taxpayer Certainty and Abusive Taxation Avoidance Under the Income Tax Act: Refining the Minister's Use of the GAAR

  • April 12, 2021
  • Marco Iampieri

There is an uncertain relationship among the concepts of the General Anti-Avoidance Rule ("GAAR"), the normal assessment period, and the role of a taxpayer's state of mind or intention at the time of self-assessment. The uncertain relationship arises when the Minister of National Revenue issues a GAAR (re)assessment after the normal assessment period on a taxpayer with a good faith tax filing position.

Vested Indefeasibly and 21-year Planning

  • April 05, 2021
  • Anjali Navkar

Deemed realizations under the Income Tax Act (Canada) (ITA) can occur for a myriad of reasons.  Regarding trusts, the ITA may deem a realization to occur depending on the type of trust, and the happening of certain triggering events – most commonly death, emigration, or the expiration of a specified time period.  If nothing is done to plan for these rules, the deemed realization of the assets will result in the accrued gains on certain trust-held assets being subject to tax.   

Incorporation for Real Estate Professionals

  • April 05, 2021
  • Kathryn Walker

Following several other provinces, on October 1 2020, the Ontario government passed O/Reg 536/20: Personal Real Estate Corporations, under the Real Estate and Business Brokers Act, 2002, which provides that real estate salespeople and brokers may incorporate in Ontario. Incorporation allows a real estate professional to have their self-employed revenue paid directly into their personal real estate corporation, offering some tax advantages.