Gekas v. Canada – CRA Is Forced to Overturn TFSA Over-Contribution Penalties

Section 207.02[1] imposes a tax on over-contributions to an individual’s tax-free savings account (TFSA) of 1 percent each month of the individual’s highest excess TFSA amount that month.  Section 207.03 imposes a similar tax on contributions by non-residents.   Section 207.06(1) provides the Canada Revenue Agency (CRA) with the discretion to waive or cancel the taxes imposed under sections 207.02 …

Director Liability Under the Income Tax Act

The Income Tax Act[1] provides liability for the directors of a corporation where there has been:   Failure to collect and remit source deductions under the Canada Pension Plan Act,[2] the Employment Insurance Act[3] and the income Tax Act; and Failure to collect and remit HST under the Excise Tax Act.[4]   In order for the Canada Revenue Agency (CRA) …

Choosing the Will or Family Law – A Surviving Spouse Has the Choice

On the death of a spouse, the surviving spouse has the right to choose between accepting his / her entitlement under their partner’s will (where there is a will) or claim an equalization of net family property (an “equalization payment”) under section 6 of the Family Law Act.[1]   Where there is no will, the surviving spouse has the right …