Précis: The taxpayer’s spouse transferred the family home to her at a time when he owed a considerable amount in taxes. As consideration for the transfer she assumed a mortgage of $65,000 and gave her spouse $1 in cash. CRA assessed her on the difference between the value of the home at the date of transfer ($315,000) and the consideration given, i.e., $249,999. The taxpayer alleged that she had provided consideration, both before and after the transfer, to her spouse in the form of funds he used in his business. She also argued that she had had a claim to the property based on constructive or resulting trust.
Hardtke v. R. - FCA: Appeal from ss. 160(1) transferee assessment dismissed from benchREAD MORE »