Précis: This is another decision on fictitious losses released on the same day as the Chartrand decision blogged earlier on this site. In this case the facts were slightly more bizarre. The tax preparers peddling the scheme were only identified by first names and told the Mr. and Mrs. Spurvey that they were entitled to a tax holiday by virtue of a prior constitutional amendment. Again the only issue before the Court was the imposition of penalties.
Spurvey v. R. - TCC: Gross negligence penalties on fictitious losses - Take #2READ MORE »