Tax
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July 29, 2025
Federal Court finds repeated TFSA overcontributions after notice not a ‘reasonable error’
A Federal Court judge has declined to grant relief to a taxpayer who racked up over $70,000 in fines and penalties for repeatedly overcontributing to his tax-free savings accounts (TFSA), finding that his failure to promptly remove excess funds despite repeated Canada Revenue Agency (CRA) notices was not a reasonable error.
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July 28, 2025
Four new associates join Stikeman Elliott’s Montreal office
Stikeman Elliott has welcomed four first-year associates to its Montreal office: Danielle Maor, Michelle Poupart, Jeremy Michel Roy and Amélia Desrochers.
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July 28, 2025
How your kids can access the ‘Bank of Mom and Dad’ to buy a home
Even though the housing market in the Greater Toronto Area (GTA) and elsewhere is currently undergoing a downturn due to economic uncertainty, homeownership likely remains out of reach for many. For young Canadians, a home purchase is often supported (at least partially) by the “Bank of Mom and Dad.”
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July 24, 2025
Federal Court rules against Ottawa in Cold Lake military base tax dispute
The Federal Court of Appeal has ruled in favour of the City of Cold Lake, Alta., in a significant dispute over payments in lieu of taxes for a military base, finding that a federal minister failed to properly justify her decision on property valuations worth tens of millions of dollars.
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July 23, 2025
G20 finance ministers discuss international tax reforms and debt relief framework in South Africa
Finance ministers and central bank governors from the world’s 20 largest economies (G20) have concluded their third meeting of the year in Durban, South Africa, by endorsing several initiatives with potential legal and regulatory implications for international finance and taxation.
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July 23, 2025
FEDERAL INCOME TAX - Computation of tax - Individuals - Tax credits - Charitable donations
Appeals by appellants against a decision of the Tax Court dismissing their appeals from reassessments. The appellants participated in the Global Learning Gifting Initiative (GLGI) program.
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July 18, 2025
Registered accounts: Designating beneficiaries
Individuals in Ontario may designate beneficiaries for their registered accounts — such as TFSAs, RRSPs, RRIFs and FHSAs (see Part III of the Succession Law Reform Act, RSO 1990, c S.26 (SLRA)). This designation ensures that, upon the account holder’s death, the proceeds are paid directly to the named beneficiary, thereby bypassing the estate. This not only avoids estate administration tax on those funds, but also often allows for a quicker distribution to the designated beneficiaries as well as regarding RRSPs and RIFFs creditor protection.
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July 17, 2025
Wide-open-door policy ‘is not how we roll,’ Federal Court of Appeal judge tells would-be interveners
The Federal Court of Appeal’s senior puisne judge says those applying to intervene at the national intermediate appellate court should ask themselves whether their presence “will advance our work.”
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July 16, 2025
Carney announces new measures to protect steel industry including TRQs on FTA partners
Prime Minister Mark Carney has announced a series of new measures to protect the domestic steel industry, including the introduction of a tariff rate quota (TRQ) for steel imports from Canada’s free trade agreement (FTA) partners, excluding the United States.
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July 16, 2025
Dentons stands by its commitment to inclusion as it navigates trade volatility, say CEOs
These are “interesting times” to be one of the world’s largest law firms. With about 5,900 lawyers across more than 80 countries, Dentons is helping clients navigate some of the worst economic volatility in decades and generational technological change as it carefully works to protect its own flanks from a U.S. administration that’s frequently been hostile to the legal sector. Global CEO Kate Barton said that while several major U.S. law firms have been targeted by President Donald Trump — particularly those perceived as opposing him or representing his adversaries — Dentons has managed to avoid the administration’s scrutiny by maintaining a bipartisan approach.