Précis: Ms. Cocos operated an industrial chemical supply business of 9119-5594 Québec inc. (“Valsol”) from her home. CRA denied essentially all of the expenses claimed by Valsol in its 2006, 2007, 2008 and 2009 taxation years and treated the amounts as benefits to Ms. Cocos. CRA also imposed gross negligence penalties. Ms. Cocos appealed to the Tax Court. The Court allowed a limited amount of the deductions at issue but sustained the imposition of gross negligence penalties. There was no order as to costs since this was an informal procedure appeal.
Cocos v. R. - TCC: Court allows limited deductions for business operated from home - penalties upheldREAD MORE »