Liability for the tax on SIFT partnerships : a rejoinder
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The work Liability for the tax on SIFT partnerships : a rejoinder represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
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Liability for the tax on SIFT partnerships : a rejoinder
Resource Information
The work Liability for the tax on SIFT partnerships : a rejoinder represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- Liability for the tax on SIFT partnerships : a rejoinder
- Language
- eng
- Summary
- In a recent article in the Canadian Tax Journal, Brian Bloom and Brandon Wiener argued that the language of subsection 197(2) of the Income Tax Act, which imposes part IX.1 tax on specified investment flowthrough partnerships (SIFTs), is deficient because it uses the words "liable to" rather than the usual charging language, "a tax . . . shall be paid." This article suggests that their argument that "liable to" means only a potential risk of tax (which will be imposed and charged only on further assessing action by the minister) is not consistent with the general concept of liability in the Act and the jurisprudence. Liability for tax, it is argued, means a real, if inchoate, obligation to pay tax that is crystallized and becomes due on assessment. This is the result that flows from the jurisprudence, and it is consistent with the provisions of the Act imposing penalties. The context and the purpose of subsection 197(2) reinforce this conclusion
- Citation source
- In: Canadian tax journal = Revue fiscale canadienne. - Toronto. - Vol. 59 (2011),
- Geographic coverage
- North America
- Language note
- English
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Context of Liability for the tax on SIFT partnerships : a rejoinderWork of
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/resource/4z9SGjLIeKE/" typeof="CreativeWork http://bibfra.me/vocab/lite/Work"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/resource/4z9SGjLIeKE/">Liability for the tax on SIFT partnerships : a rejoinder</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>