TAX-IFY NEWS
Keep up to date with our newest Tax-IFY news.
Microsoft Reportedly Owes Uncle Sam $29B in Taxes, But Maybe Not
According to a CBC article based on wire reports, Microsoft reportedly has been reassessed by the US Internal Revenue Service for $23B in taxes owing in respect of certain transfer pricing transactions involving "cost sharing agreements' in 2013 and 2014. While we are...
Frozen Pie Manufacturer Softens the Crust of SR&ED Eligibility
Canafric Inc. v HMK, TCC 2023 108 (“Canafric”) is the most recent addition to the Tax Court of Canada’s jurisprudence on Scientific Research and Experimental Development (“SR&ED”). The appellant in this case, a frozen pie manufacturer, claimed SR&ED...
Justice Mounsey’s Story: A Warning to All Taxpayers
According to a recent CBC news story, a man named Justice Mounsey had his personal information hacked from a Canada Revenue Agency (CRA) website in 2020. As a result, fraudsters applied for government benefits and obtained credit in his name without him knowing about...
Risk of Taxes from Tax Free Savings Accounts?
So you have a Tax Free Saving Account (“TFSA”) with a bit of capital in it, and you are a savvy investor, so you are earning a bit of income in the account. You are free and clear of any tax implications right? Wrong. In April of this year Justice Boyle’s decision...
TAX-IFY: CBC Has it Wrong, Again…
Again, the CBC has ticked me off.[1] They have been harping away at the KPMG/Isle of Man tax structure story, and the NDP have been making a big a deal about it in question period, but as I have tried to tell them when they interviewed me initially, the CRA offered...
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