Have you heard of the "GAAR"??? GAAR stands for the "general anti-avoidance rule" and it gives the federal government broad powers to prevent transactions they deem to be against the purposes of Canadian tax law.
Why do we care about GAAR? Well, it should be a factor to consider each and every time that you engage in tax planning, as if it applies, it can "undo" all of the tax benefits of a particular transaction. The Federal Government also just pushed through amendments to the GAAR rules which broaden the applicability of GAAR, and also impose a penalty.
So in this episode, I break down: "old" GAAR, "new" GAAR, and a recent case where GAAR was considered (DAC Investments). I also reminisce about my days as a clerk at the Court of Appeal, and give a sneak peek of new episodes coming up in the next few months!
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What is The Tax Chick Podcast?
Tax is complex, but it does not always have to be so complicated and shrouded in mystery. Host Amanda Doucette is a self-proclaimed foodie, spin class and Pilates enthusiast, and a tax lawyer. She fell into the practice of tax law despite having a life-long hatred of spreadsheets, math and numbers in general. Join Amanda and her guests as they unpack some serious Canadian tax topics and attempt to demystify the world of tax.