Précis: The taxpayer argued unsuccessfully in the Tax Court that interest on a GAAR assessment should not commence to run until the date of the issuance of the assessment. The taxpayer appealed to the Federal Court of Appeal which dismissed the appeal with costs.
Quinco Financial Inc. v. R. – FCA: Interest on a GAAR assessment commences to run on the balance-due date for taxation year involved, not the date the GAAR assessment is issuedREAD MORE »