At Ummat Tax Law, we contribute tax articles and commentary to the greater tax community in a meaningful way by reviewing and analyzing new rules and case law regularly.
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RECENT TAX ARTICLES
TFSA Swap Transactions Considered Tax Avoidance
TFSA Swap Transactions Considered Tax Avoidance Louie v. Canada Decision Louie v. Canada 2019 FCA 255 Background The Appellant, a sophisticated investor, opened a TFSA account when the rules were implemented in January 2009. She [...]
Innocent Mistake Leads to TFSA Penalty
Innocent Mistake Leads to TFSA Penalty Robitaille v. The Queen (click here for decision) The taxpayer inadvertently deposited $40,000 to his TFSA. The CRA penalized him for it. The Court upheld the penalty. TFSA Over-Contribution [...]
A T5 Slip Does Not Automatically Result in Taxable Income
Tax Court finds No Dividend Received Through Income-Splitting Scheme Trower v. HMQ 2019 TCC 77 Trower Decision Summary CRA assessed Ms. Trower to include a taxable dividend in the amount of $58,900 in 2016 because [...]
