Investors purchased high-yield, offshore investments using allegedly tax free cash or proceeds from withdrawals of retirement funds
The Canada Revenue Agency is raising its “prescribed interest rates” for the first time since the fall of 2003. The rate used to calculate low-interest spousal loans will rise to 4% from 3% in the next quarter, starting on April 1.Spousal loans –- a common income-splitting technique –- can provide significant tax savings. While arranging […]
Tax shelter number no guarantee that taxpayers will receive proposed benefits
Revenue Minister announces the creation of 11 centres of expertise
Committee provides forum to discuss tax measures for persons with disabilities
Number of electronically filed returns up 5%
When a client and an insurer settle a dispute for unpaid disability benefits, the amount paid to cover past benefits will be taxable, the Supreme Court of Canada has decided.Advisors can now guide disabled clients who are embroiled in disputes with their insurers, knowing how insurance litigation settlements will be taxed. Advisors should tell clients […]
15 member board oversees organization and administration of income tax agency
Ottawa to ramp up efforts against offshore tax havens
Proposed changes effective throughout the 2004 tax year, CRA says