More than any other published Income Tax Act, it's a comprehensive "tax encyclopedia", with expert insights, detailed annotations and up-to-date
amendments - all in a portable, search-easy, single-volume format. It also features extensive tax rate tables and the full text of the Canada-US
and Canada-UK tax treaties with detailed annotations and explanations.
Current to January 11, 2010, the new edition is updated and expanded to include all developments since the last edition, including:
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| Bill C-51, enacted December 15, 2009, including proposals from the January 27, 2009 Budget not previously enacted, such as the Home Renovation Tax Credit, the First Time Home Buyer's Credit and the Disability Home Purchase Credit, and relief for prescribed flood regionsDraft foreign-affiliate legislation and regulations, December 18, 2009New draft and enacted regulations covering various matters, including securities held by financial institutions and Omnibus regulationsDept. of Finance, CRA and Agriculture Canada news releases announcing proposed changes in various areas, including TFSA anti-avoidance rules, federally-regulated pension plans, automobile numbers, inflation indexing, and prescribed drought and flood areasFive new comfort letters from the Department of Finance, obtained by David Sherman under the Access to Information Act, and shown as Proposed Amendments to the legislationPassing of new Remission Orders.Updated composition of various CRA headquarters CommitteesNew developments in the law of rectification (to fix tax mistakes)Publication of the Canadian Tax Foundation 2008 annual conference report, and presentations by the CRA and others at the 2009 conferenceResponses to various Access to Information requests filed by David Sherman, on numerous different mattersHundreds of new CRA interpretation letters and rulings ("VIEWS" documents) released by the CRA, discussed in the NotesRelease by the CRA of new or revised Interpretation Bulletins, Information Circulars, Income Tax Technical News, Registered Charities Newsletters, Registered Plans Directorate newsletters, Transfer Pricing Memoranda, SR&ED Application Policies, Forms, Guides, Charities Policies, RPP Consultation Sessions and other administrative announcementsResponses to various Access to Information requests filed by David Sherman, on numerous different mattersNew case law including decisions from the Supreme Court of Canada, Federal Court of Appeal, Tax Court of Canada and provincial courts - including new information on the current status of dozens of appealsPublication of journal articles and conference reports throughout the year
Significant enactments still pending from earlier editions include (see Table of Proposed Amendments for full list):
Bill C-10 (formerly Bill C-33), covering non-resident trusts and foreign investment entities (Part 1 - see ss. 94-94.4), technical amendments (Part 2 - most of these proposals go back to December 20, 2002), and bijuralism (Part 3).
Most important are Sherman's Notes, which provide invaluable concise analysis and explanation of how the legislation really works, along with references to key legislation, case law, CRA publications, VIEWS documents (unpublished CRA rulings and interpretations), journal articles, CRA committee details and other key information. The Notes also detail changes in the legislation so that you can apply it to past years.
The expert Topical Index is compiled personally by David Sherman, and includes references to many terms that do not appear directly in the legislation but which the practitioner may want to search for (e.g. carryback, ordering, short taxation year, vertical amalgamation).
David Sherman, LL.B., LL.M., is a Toronto lawyer specializing in both income tax and GST. His tax publications are numerous and
include many Carswell titles such as the Practitioner's Income Tax Act, Canada GST Service, Practitioner's Goods and Services Tax Annotated, GST
Case Notes, GST Times, GST Memoranda Bulletins & Policies, and Basic Tax and GST Guide for Lawyers. Mr. Sherman's client work consists primarily
of tax dispute resolution with the Canada Revenue Agency to overturn GST and income tax assessments. He is a frequent speaker on income tax and
GST matters, and has lectured for the Canadian Tax Foundation and the Ontario Bar Association. He was on the executive of the Taxation Law Section
of the Ontario Bar Association from 1994 to 2007.
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