The CRA announced in March 2013 that, beginning with the 2012 taxation year, it would put on hold the assessments and refunds of returns filed by taxpayers participating in gifting tax shelters until the audit of the gifting tax shelter is complete.
Reminder - CRA collection rules now law
The 2013 federal budget proposed rules to allow the CRA to collect 50% of the disputed tax, interest or penalties, where a taxpayer objected to an assessment of tax, interest or penalties that results from the disallowance of a donation tax credit claimed in respect of a tax shelter (new clause 164(1.1)(d)(ii)(B)). The rule applies to amounts assessed for taxation years that end after 2012.
This measure was included in Bill C-60, which received Royal Assent on June 26, 2013.
For more information, contact your KPMG adviser.
Information is current to January 14, 2014. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500