Yes
No
1.
CRA seems to be a bit upset with tax shelter donation schemes/scams.
2.
A disabled person must be living with the supporting person in order for the supporting person to claim the Disability Tax Credit.
3.
An employee may not receive a tax-free living allowance from their employer when they are working at a special worksite for an indefinite amount of time.
4.
A taxpayer may report work in progress at fair market value for accounting purposes but claim a reserve and report work in progress at cost for tax purposes.
5.
A taxpayer may claim a business investment loss on a loan to a corporation even though he/she has not exhausted all possible recourses of collection.
6.
A spouse of the sole shareholder/director will be considered to be a “de facto director” for tax purposes if they are involved in the running of the business.
7.
We won’t be seeing any advertising for Tax-Free Savings Accounts until they commence on January 1, 2009.
8.
The best way to obtain information from CRA on a client’s tax status is to call the CRA number and talk to a CRA employee.
9.
Where a Court orders a taxpayer to make a lump-sum alimony arrears payment, this will be deductible.
10.
The Conservative Government promised to provide relief for families looking after a disabled person by permitting income splitting if one of the spouses is not working, or only working part-time, because they are looking after the disabled person.
11.
An injured Plaintiff may receive a non-taxable structured settlement from an insurance company.
12.
CRA will permit a corporation that files a tax return more than three years late with a refund to utilize this refund on future taxes.
13.
CRA feels that voting non-participating shares do not have any value.
14.
A full-time dentist may fully offset farm losses against the dental income.
15.
It is fairly straight forward to prepare a Form U.S. 1040 for a U.S. citizen that owns a Canadian Mutual Fund.
16.
It is possible to see calculations with respect to early receipt of Canada Pension Plan.
17.
A corporation that acquires an automobile which is leased out, even though this is not the business of the corporation, will be able to receive GST Input Tax Credits on the full cost of the automobile, and not be limited to the GST on $30,000, as this is not “a passenger vehicle”.
18.
CRA began to audit Ontario Corporate Tax Returns and assume responsibility for most of Ontario’s Objections, Appeals and Rulings functions in April, 2008 even before the official kickoff date which is the 2009 corporate return.
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