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- Title
Lipson v. Canada.
- Authors
Templeton, Michael D.
- Abstract
The article discusses the court case Lipson versus Canada on tax deductions made in interest of additional loan used to repay a mortgage for a new home. The appellant claimed that the additional loan used to acquire shares in a family company is deductible to his wife under paragraph 20(1)(c) of the Income Tax Act. The Tax Court Canada described the transactions as a capital flip that misused the provisions of the law. The Supreme Court ruled that the appellant misuse the attribution rules and not the paragraph 20(1)(c).
- Subjects
CANADA; ACTIONS &; defenses (Law); TAX deductions; INTEREST rates; LOANS; MORTGAGE loan laws; TAXATION of stock transfers; INCOME tax laws; TAX laws
- Publication
Canadian Tax Journal / Revue Fiscale Canadienne, 2009, Vol 57, Issue 1, p59
- ISSN
0008-5111
- Publication type
Article