Alleging receipt of unpaid shareholder loans, the CRA increased our client’s taxable income by $567,000.
We filed a notice of objection, convincing the CRA appeals officer to reduce the amount by $61,500. We then filed a notice of appeal to the Tax Court of Canada. We secured an additional reduction of $373,000 during a pre-trial settlement with the Canada Revenue Agency and the Department of Justice.
Our client’s taxable income was reduced by a total of $434,500.
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