Tax Notes

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October 20, 2022

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Books and records: Document retention policies and best practices when dealing with the CRA

Justin Ng

The proper maintenance of a business’ books and records is essential when dealing with an audit initiated by the Canada Revenue Agency (the “CRA”). Taxpayers should be cognisant of their recordkeeping obligations under the Income Tax Act (Canada) (the “Act”)...

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Is your partnership allocation method reasonable? The ability of tax authorities to reallocate income and losses of a partnership

Alexandre Chano, Stéphanie Pépin

Partnerships are frequently used in various legal structures as they can be a beneficial vehicle to address certain business needs. Despite the advantages of using a partnership, partners must nevertheless take into account the potential taxation issues that may arise....

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A primer on ABIL claims: Part I

Bryant D. Frydberg, Evelyne Vacy-Lyle

What is an ABIL? This article will be the first in a series of articles that discuss the Allowable Business Investment Loss (“ABIL”), including the interpretation of key terms as well as a discussion of recent case law. Where a...

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Displaying 1-3 of 3