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Proposed changes to the Income Tax Act will oblige taxpayers to report “avoidance transactions” if the transactions include two of three existing “hallmarks.”
The prescribed annual interest rate that will apply to any amounts owed to the Canada Revenue Agency (CRA) is 5% for the first quarter of 2013, unchanged from the previous quarter.
Claims for the Children’s Arts and Children’s Fitness tax credits are based on when the payment is made, not the year in which the activities are scheduled.
If the federal government decides to crack down on “aggressive” tax avoidance transactions, does it signal a sea change for advisors or is it really much ado about nothing?
Imposing taxes retroactively seems contrary to a rational, moral approach to taxation, but it is legal.