9 November 2012 CTF Atlantic Roundtable, 2012-0465921C6 - CTF Atlantic - Statute Barred Years -- summary under Subparagraph 152(4)(a)(i)

1. What is "misrepresentation"?

There is no requirement that the person providing the information intended to deceive the CRA ... . ... [T]he information simply has to be incorrect at the time it is supplied to the CRA.

2. May only related issues be reassessed?

S. 152(4.01) makes it clear that, barring a waiver, CRA can "only reassess ... issues issues arising from a misrepresentation."

3. Would a tax avoidance arrangement generally be considered a misrepresentation?

There is no [such] general presumption... .

[A]lthough statute-barred years were assessed in project files like "Ontario Fincos", "Quebec Truffles" [sic, Shuffles?] and "Broken Amalgamations", in general the reassessment of statute-barred years where GAAR is the assessing authority should be rare. The GAAR Committee ... will not authorize an assessment of an otherwise statute-barred year unless there are compelling reasons provided which meet the negligence threshold.

Topics and taglines
Topic
Income Tax Act - s. 152(4)(a)(i)
Tagline
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
324846
Words and phrases
misrepresentation
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
342783
Extra import data
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