Kim G C Moody is quoted in the Tax Notes article titled, “‘We Are on Strike,’ CRA Workers Union Announces”, Tax Notes, April 20, 2023
Kim G C Moody is quoted in The Globe and Mail article titled, “Why snowbirds who spend significant time in the U.S. face major tax repercussions”, The Globe and Mail, April 12, 2023
Doug S. Ewens is quoted in the latest Tax Notes article titled “Tax Court Jurisdiction Row to Be Heard by Canada’s Highest Court”, Tax Notes, February 27, 2023
Kim G C Moody is quoted in a Postmedia/MSN article titled, “Charitable status revoked for 12 B.C. charities linked to single Vancouver company”, Postmedia/MSN, February 28, 2023
Kim G C Moody is quoted in the latest Tax Notes titled “CRA Workers’ Unions Are Poised to Begin Strike Votes”, Tax Notes, January 12, 2023
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Supreme Court decision: McLarty – Contingent liabilities
On May 22, 2008, the Supreme Court of Canada released its decision in the McLarty matter. The issue before the Court was whether Mr. McLarty’s liability under a promissory note that was owing by him upon the acquisition of a certain oil and gas property was an absolute as opposed to a contingent liability. To the extent that the promissory note was a contingent liability, no deduction would be allowed by Mr. McLarty for such portion of the otherwise oil and gas expense deduction. The other matter before the Court was whether or not McLarty was dealing at arm’s length with the vendor when he acquired the property. To the extent that he was not dealing in an arm’s length fashion with the vendor then the acquisition of such property would be required to be made at fair market value which the CRA had argued was much less than its original acquisition price.
Tax treaty interpretation case: Prevost Car Inc.
On April 22, 2008, the important decision of Prevost was released by the Tax Court of Canada. The facts in Prevost were quite straightforward:
Personal tax season over
Yes! It’s over! As a tax practitioner, many people who talk to me during April will often comment that I must be very busy since this is “harvest season”. While there’s no doubt that many tax practioners are often busy in April, Moodys’ practice does not focus on personal tax preparation.
Restrictive covenants
Much of our firm’s day-to-day tax planning and research involves issues surrounding the purchase and sale of businesses. Such purchase and sales will often involve the acquisition and/or granting of a restrictive covenant. In many cases, the granting of the restrictive covenant could be as simple as the vendor agreeing not to compete with the purchaser’s business for a limited period of time in a specified geographical area.
Tax-Free Savings Account (TFSA)
As mentioned in the first blog entry of February 29, 2008, the February 26, 2008 Federal Budget introduced the TFSA. The new TFSAs appear to be similarly modeled after “Roth IRAs” that exist in the US. On the surface, the introduction of this vehicle does not appear to be all that earth shattering. However, upon a closer look, some significant planning may be able to be done.
The Federal Budget
Well, welcome to the first edition of Moodys LLP Tax Advisors blog entries. We hope this entry is the first of many where many difficult tax issues are translated into plain English and any breaking news is quickly released onto the blog. Accordingly, we encourage you to come back and visit us often.
Kim G C Moody is quoted in the Tax Notes article titled, “‘We Are on Strike,’ CRA Workers Union Announces”, Tax Notes, April 20, 2023
Kim G C Moody is quoted in The Globe and Mail article titled, “Why snowbirds who spend significant time in the U.S. face major tax repercussions”, The Globe and Mail, April 12, 2023
Doug S. Ewens is quoted in the latest Tax Notes article titled “Tax Court Jurisdiction Row to Be Heard by Canada’s Highest Court”, Tax Notes, February 27, 2023
Kim G C Moody is quoted in a Postmedia/MSN article titled, “Charitable status revoked for 12 B.C. charities linked to single Vancouver company”, Postmedia/MSN, February 28, 2023
Kim G C Moody is quoted in the latest Tax Notes titled “CRA Workers’ Unions Are Poised to Begin Strike Votes”, Tax Notes, January 12, 2023
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