Tax
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May 31, 2024
SCC gives guidance on interpreting exclusion clauses, applying standards of appellate review
The Supreme Court of Canada has clarified what is required for an exclusion clause in a contract of sale to exempt the seller from an implied condition under Ontario’s Sale of Goods Act (SGA) and has also clarified what standards of appellate review apply when trial courts interpret contracts involving implied statutory conditions.
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May 30, 2024
RRSPs: Their consequences for estates, beneficiaries
A landmark budget speech was delivered to Canada’s House of Commons on March 14, 1957, by Walter Harris, minister of Finance under the Liberal government of Louis St. Laurent. Despite John Diefenbaker’s rise to power on June 10, 1957, mere months later, the groundwork was laid for the implementation of the registered retirement savings plan (RRSP) in Canada.
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May 29, 2024
Parliamentary budget officer reports federal corporate income tax revenues up 87 per cent
Federal corporate income tax revenues have grown by 87 per cent between 2019-20 and 2022-23 to reach $93.9 billion, boosted by sharp increase in collections from the manufacturing, real estate and wholesale trade sectors, according to a report by the Parliamentary Budget Officer (PBO).
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May 29, 2024
Multiple powers of attorney for business owners
Estate planning discussions are often centred around a person’s will. While it is essential to consider what will happen to your business assets upon your death, it can be equally important to plan for a situation in which you are alive but incapable of managing your affairs. The sudden absence of a business owner without proper planning can have a significant impact on the continued success of the business. A power of attorney is a vital aspect of this planning.
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May 29, 2024
Religious organization’s satellite sites not places of worship under tax assessment rules: court
Ontario’s top court has ruled against a religious organization seeking a property tax exemption for some of its properties, upholding an earlier decision that said they were not places of worship under the province’s assessment legislation.
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May 27, 2024
GAAR, financial losses and acquisition of control in Madison Pacific Properties Inc. v. The King
In late December 2023, the Tax Court of Canada handed down a lengthy judgment focused on the application of the general anti-avoidance rule (GAAR). GAAR decisions are relatively few and in Madison Pacific Properties Inc. v. The King, 2023 TCC 180 the Tax Court provides further clarification regarding its application.
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May 27, 2024
Indigenous Peoples’ Court welcome addition to city of Sudbury | Michael Michel
On May 2, 2024, Sudbury, Ont., became home to the 20th Indigenous Peoples’ Court in the province. In a special sitting of the Ontario Court of Justice, members of local First Nations, the judiciary and various community stakeholders gathered to celebrate this momentous occasion.
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May 24, 2024
Ontario Convocation talks criminal charge disclosure, heats up over bullying, money for diversity
A committee with Ontario’s law society is considering recommending that the regulator expand the amount of lawyer information it makes public — including if a member has been hit with criminal charges.
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May 24, 2024
The proposed enhancement of CRA’s audit powers, part two: Unpacking the new non-compliance regime
In part one of this series (see below for the link), we discussed how Budget 2024 marks a significant turning point for the Canada Revenue Agency (CRA), introducing measures that substantially bolster its audit powers.
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May 24, 2024
Federal Court of Appeal upholds CRA decision to revoke fraternity’s charitable status
In its decision released on March 21, 2024, Sigma Chi Canadian Foundation v. Canada (Minister of National Revenue - M.N.R.), 2024 FCA 59, the Federal Court of Appeal (FCA) upheld the Minister of National Revenue’s (the minister) decision to revoke the charitable status of a fraternal organization, Sigma Chi Canadian Foundation, (the appellant).