Précis: The taxpayer was persuaded by a promoter to acquire shares of 629900 Saskatchewan Ltd. (“629900”) in her RRSP. She relied upon the promoter’s promises of a 50% to 100% return on her investment within one to two years. CRA assessed her on the basis that the shares were not qualified investments for an RRSP and imposed gross negligence penalties. The Tax Court upheld both the assessment and the penalties. Costs were awarded to the Crown.
Gorman v. R. - TCC: Shares acquired by RRSP not qualified investments, penalties sustainedREAD MORE »