Tax Notes

November 2012

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Beneficial Ownership Test For Tax Treaty Benefit Entitlement

William J. Fowlis, Regan A. O’Neil

In Velcro Canada Inc. v. Her Majesty the Queen  (2012 TCC 57), the Tax Court of Canada (the “TCC”) applied the test of beneficial ownership as established by the Federal Court of Appeal in Prévost Car Inc. v. Canada (2009...

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CCPC Status Preserved Through Unanimous Shareholders’ Agreement

Nathalie Marchand

In the recent case of Price Waterhouse Coopers Inc. Agissant Ès Qualité de Syndic à la Faillite de Bioartificial Gel Technologies (Bagtech) Inc. v. The Queen (2012 CCI 120) (“Bagtech”), the Tax Court of Canada (the “TCC”) ruled that Bagtech...

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Capital Gains Exemption: Effects of Irregularities in Corporate Records

The recent decision of the Tax Court of Canada (the “TCC”) in Twomey v. Her Majesty the Queen (2012 TCC 310) highlights the importance of strict compliance with the technical provisions of the Income Tax Act (Canada) (the “Act”), as...

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Tax Court of Canada Rules on Location of Business Income For Tax Exemption Under Indian Act

On July 10, 2012, the Tax Court of Canada (the “TCC”) released its judgment in Dickie v. The Queen (2012 TCC 242) wherein Miller Thomson was successful in having a reassessment under the Income Tax Act (Canada) (the “Act”) vacated. ...

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Tax Treatment of Break Fees From Recipient’s Perspective

The Tax Court of Canada (the “TCC”) considered the tax treatment of break fees in Morguard Corporation v. The Queen (2012 TCC 550) (“Morguard”) for purposes of the Income Tax Act (Canada) (the “Act”) from the recipient’s perspective. The taxpayer...

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Displaying 1-5 of 5