Tax Lawyers Save Client From $250,000 Derivative Income-Tax Liability Under Section 160 Of The Income Tax Act– A Canadian Tax Lawyer's Case Study Analysis

Author: External Author | Apr 29, 2020 | Categories: Accountants , Bookkeeping , Chartered Professional Accountants , Estate Planning , Financial Planning , HST Filings , Income Tax , Retirement Planning , Tax Planning , Tax Professional , Tax Returns , Tax Specialist

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Generally speaking, if you receive property from a person with income-tax debt, the Canada Revenue Agency can pursue you for those tax debts. Section 160 of the Income Tax Act gives the CRA a means of chasing a person for the tax debts of a related party from whom that person has received property. (The Excise Tax Act contains an analogous rule applying to those who receive property from a person with GST/HST debts.)

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Original Article Source Credits: mondaq, https://www.mondaq.com/

Article Written By David Rotfleisch

Original Article Posted on : 16 April 2020

Link to Original Article: https://www.mondaq.com/canada/sales-taxes-vat-gst/918192/tax-lawyers-save-client-from-250000-derivative-income-tax-liability-under-section-160-of-the-income-tax-act-a-canadian-tax-lawyer39s-case-study-analysis