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Categories:Canada,Tax

CRA update: aggressive tax planning

By Shaira Nanji

At the Toronto Centre Canada Revenue Agency and tax professionals breakfast seminar on 10 June 2014, the Canada Revenue Agency (CRA) provided an update on selected CRA compliance measures in the aggressive tax planning division. The update was provided by Len Lubbers, manager, GAAR and technical support, aggressive tax planning division of the compliance programmes branch.

Mr Lubbers displayed and referred to a collection of PowerPoint slides (some of which contained detailed statistics), but unlike previous seminars the CRA did not distribute copies of the slides during or after the presentation. The CRA provided updates on (i) reportable tax avoidance transactions, (ii) the CRA’s related party initiative, (iii) the T1135 foreign income verification statement, (iv) gifting tax shelters and (v) third-party penalties. Here is a brief recap of some of the highlights from the presentation:

Reportable tax avoidance transactions
New subsection 237.3 of the Income Tax Act, which addresses reportable transactions, became effective as of 26 June 2013, with retroactive effect to 1 1 January 2011…

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