Quebec tax officials are entitled to demand information from the Calgary branch of a national bank where a trust established in Alberta by a Quebec family holds an account, the Supreme Court of Canada ruled today.
Whether it is with house flippers in the overheated real estate market, international tax evasion, GST/HST or the federal government’s new tax reforms, tax lawyers say the Canada Revenue Agency is sharpening its fangs with new capabilities and growing more aggressive in the hunt for tax revenue.
Lawyers say new tax rules in the recently released federal budget provide clarification around some of the uncertainty faced by new cannabis businesses and medical cannabis users.
The cap on employee stock options — part of the tax changes in the federal Liberal’s 2019 budget — are vaguely defined and will lead to confusion and litigation, say tax lawyers.
With the U.S. government shutdown in its fifth week — the longest government shutdown in U.S. history — its effects are beginning to take a toll on those north of the border. For Canadians with financial interests in the U.S., the shutdown of non-essential government agencies such as the Internal Revenue Service may prove to be more than just a minor inconvenience.
