Editor: David M. Sherman, LL.B., LL.M.
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Practitioner's Navigation Guide Practitioner's Income Tax Act (PITA) is the market leading consolidated, annotated version of Canada's federal
Income Tax Act and Regulations More than any other published
Income Tax Act, it's a comprehensive “tax encyclopedia”, with expert insights, detailed annotations and up-to-date amendments - all in a portable, search-easy, single-volume format. It also features extensive tax rate tables and the full text of the Canada-US and Canada-UK tax treaties with detailed annotations and explanations.
Current to January 11, 2010, the new edition is updated and expanded to include all developments since the last edition, including:
- Bill C-51, enacted December 15, 2009, including proposals from the January 27, 2009 Budget not previously enacted, such as the Home Renovation Tax Credit, the First Time Home Buyer's Credit and the Disability Home Purchase Credit, and relief for prescribed flood regions
- Draft foreign-affiliate legislation and regulations, December 18, 2009
- New draft and enacted regulations covering various matters, including securities held by financial institutions and Omnibus regulations
- Dept. of Finance, CRA and Agriculture Canada news releases announcing proposed changes in various areas, including TFSA anti-avoidance rules, federally-regulated pension plans, automobile numbers, inflation indexing, and prescribed drought and flood areas
- Five new comfort letters from the Department of Finance, obtained by David Sherman under the Access to Information Act, and shown as Proposed Amendments to the legislation.
- Passing of new Remission Orders
- Updated composition of various CRA headquarters Committees
- New developments in the law of rectification (to fix tax mistakes)
- Publication of the Canadian Tax Foundation 2008 annual conference report, and presentations by the CRA and others at the 2009 conference
- Hundreds of new CRA interpretation letters and rulings ("VIEWS" documents) released by the CRA, discussed in the Notes
- Release by the CRA of new or revised Interpretation Bulletins, Information Circulars, Income Tax Technical News, Registered Charities Newsletters, Registered Plans Directorate newsletters, Transfer Pricing Memoranda, SR&ED Application Policies, Forms, Guides, Charities Policies, RPP Consultation Sessions and other administrative announcements
- Responses to various Access to Information requests filed by David Sherman, on numerous different matters
- New case law including decisions from the Supreme Court of Canada, Federal Court of Appeal, Tax Court of Canada and provincial courts - including new information on the current status of dozens of appeals
- Publication of journal articles and conference reports throughout the year
Significant enactments still pending from earlier editions include (see
Table of Proposed Amendments for full list):
- Bill C-10 (formerly Bill C-33), covering non-resident trusts and foreign investment entities (Part 1 - see ss. 94-94.4), technical amendments (Part 2 - most of these proposals go back to December 20, 2002), and bijuralism (Part 3).
Most important are
Sherman's Notes, which provide invaluable concise analysis and explanation of how the legislation really works, along with references to key legislation, case law, CRA publications, VIEWS documents (unpublished CRA rulings and interpretations), journal articles, CRA committee details and other key information. The Notes also detail changes in the legislation so that you can apply it to past years.
The expert
Topical Index is compiled personally by David Sherman, and includes references to many terms that do not appear directly in the legislation but which the practitioner may want to search for (e.g. carryback, ordering, short taxation year, vertical amalgamation).
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Practitioner’s Income Tax Act 2010, 37th Edition is the option to purchase the Practitioner’s Income Tax Act CD-ROM. The CD-ROM contains the complete content of Practitioner’s Income Tax Act editions 32 through 37 inclusive, Folio 4 functionality and an easy-to-use search template…a completely portable version of the last five editions of the Act on your desktop.
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Footnote 1 to Justice McArthur's decision reads:[1]
With gratitude to editor and author David M. Sherman for his discussion in Practitioner's Income Tax Act 2004, 26th edition, as follows:
No interest can be assessed on a section 160 assessment: Algoa Trust, [1998] 4 C.T.C. 2001 (TCC); but this will change with the draft amendment above, for assessments issued after December 20, 2002. (A class action on this point was settled with repayment of interest by the CRA : Ho-A-Shoo v. Canada (Attorney General), 2001 CarswellOnt 2114 (Ont. SCJ)).
In Currie v. R. 2006 CarswellNat6130 (TCC), the CRA assessed C under 160(1) for amounts received from his late father, including interest. C paid the debt, and CRA attributed the payments to the deceased's estate. He claimed a refund of interest accrued after the assessment date, and CRA reassessed to zero but refused to refund the interest. The Court rejected a Crown motion to strike C's appeal on the basis that he could not appeal the interest; and at [2009] 1 C.T.C. 2139 (TCC), allowed his appeal to cancel the interest.
An amendment to subsection 160(1) was proposed in 2002, but has not been enacted.