Canada: Wealth Management

The Canada Revenue Agency (the "CRA") has launched roughly 100 audits into taxpayers named in the Paradise Papers offshore tax leak, according to documents tabled in Parliament.

The April 2016 "Panama Papers" leak highlighted the attraction for transnational actors of the confidentiality available in certain offshore financial centres.

The CRS which stands for Common Reporting Standards is in essence an automatic annual financial information exchange tool for tax authorities.

The Wills and Succession Act ("WSA") came into force in Alberta on February 1, 2012.

A business valuator (or expert in damages quantification) may be retained by more than one party and possibly by parties with opposing interests. In certain situations, for example, matrimonial disputes involving a business or the buy-out of a minority shareholder, professional fees may be reduced through the joint retention of one expert, provided a process is in place to ensure the expert considers the views and comments of the parties in a fair, objective and transparent manner.

British Columbia introduced dependant relief legislation in 1920 and despite varying interpretations by the courts over time, the legislation itself has remained substantially the same as when it was first introduced.

Probate is the legal process through which a deceased person's will is validated by the courts, and the administration of his or her estate is carried out according to the terms of the will.

Just about anything that a client says to their lawyer is protected by solicitor-client privilege.

Uncertain times give advisors, portfolio managers, insurance agents and planners an opportunity to shine with clients and prospects. In my last article, I explained a 5 step approach to help clients through difficult times.

Gone are the days when offshore bank accounts were outside the CRA's reach. With the advent of the CRS, CRA automatically receives financial information of Canadian taxpayers who own bank accounts or assets in other jurisdictions.

The facts and a detailed analysis by our skilled Canadian tax lawyers follows on this watershed case.

The CRA emphasized that there are more tax evasion investigations to come while also setting out the serious consequences of tax evasion in Canada.