Précis: The taxpayer was assessed unreported income from 2158357 Ontario Inc. in 2009 and 2010. His position was that the amounts were loan repayments and that the years in question were statute-barred. The Tax Court rejected his evidence of loan repayments and sustained the taxes and penalties, opening up the 2009 and 2010 taxation years.
Singh v. R. – TCC: Tax Court upholds assessments of shareholder appropriations, opens statute-barred years, upholds penalitesREAD MORE »