Précis: The taxpayer corporation transferred a property to its principal shareholder in 2010 for $510,000 which $65,000 less than the 2009 Montreal property tax assessment ($575,000) for the property. The taxpayer was assessed GST based on the high valuation. The Tax Court reviewed the evidence and concluded that the taxpayer had not met the onus of demolishing the assumption of the Minister as to the value of the property. The appeal was accordingly dismissed. There was no order as to costs since this was an informal procedure appeal.
K.M. Construction v. R. - TCC: Minister can rely upon municipal valuation in property transfer caseREAD MORE »