ARTICLE · 08 SEPTEMBER 2015

Penalties For False Statements Or Omissions – Part III

Alpert Law Firm Professional Corporation

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This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on penalties under the Income Tax Act (Canada) and the possible challenges to such assessments.

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This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on penalties under the Income Tax Act (Canada) and the possible challenges to such assessments. Alpert Law Firm is experienced in providing legal services to its clients in tax and estate planning matters, tax dispute resolution, tax litigation, corporate-commercial transactions and estate administration. Howard Alpert, C.S. is certified by the Law Society as a specialist in Corporate and Commercial Law and as a specialist in Estates and Trusts Law.

A. RECENT DEVELOPMENTS IN THE AREA OF PENALTIES

This memorandum deals with certain important developments in the assessment of penalties. Specifically, the Courts have dealt with the assessment of penalties as they relate to: (i) the reassessment limitation period; (ii) non-capital loss carry forwards; (iii) carry back of losses; and (iv) the capital gains exemption.

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