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GAAR assessment cannot give rise to penalties for non-compliance with the technical sections

 

In Landrus v. The Queen, 2008 TCC 274, the Tax Court of Canada held that the general anti-avoidance rule (GAAR) did not apply to a series of transactions whereby a terminal loss was triggered on the sale of assets.

The Queen v MacKay et al, 2008 FCA 105 is a recent Federal Court of Canada decision holding that a series of transactions was contrary to the Canadian Income Tax Act’s General Anti-Avoidance Rule (GAAR).

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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