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不要再害人了!看加拿大最高法院的判决!
Warning: Tax shelter gifting arrangements are risky$ f& O( w8 E& ~- k
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On April 20, 2006, the Supreme Court of Canada announced that it would not hear the taxpayers' appeals of the decisions of the Federal Court of Appeal (FCA) in the cases of Frank Klotz and Quinn, Tolley and Nash. These decisions involved buy-low, donate-high art flipping arrangements in which the taxpayers purchased artworks and donated them to charities. The charities issued donation receipts for three or four times the donors' costs, so that the tax refunds exceeded the costs to the donors. The FCA held that the value of the donations was limited to the amount of cash that the taxpayers paid for the artworks.
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. {5 k4 _2 K8 h/ ~! ^Despite these favourable court decisions for the Canada Revenue Agency (CRA), and despite proposed amendments to the Income Tax Act announced by the Department of Finance on December 5, 2003, some donation arrangements continue to be promoted. We have previously reminded taxpayers that the proposed amendments are applicable to years after 2003. They limit donations made under tax shelters and other arrangements to a maximum of the donor's out-of-pocket costs.$ w- m% q" v" X% U9 N
: F( d: m4 P2 H! W& x. @http://www.cra-arc.gc.ca/newsroom/alerts/2006/a061031-e.html |
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