Lessons from more than five years of battling the taxman

Sometimes a real-life story can provide lessons for the rest of us – and for the Canada Revenue Agency . The case of Bygrave v. The Queen is just such a story. A decision handed down by the Tax Court of Canada on June 25 sided with the taxpayer, but Mr. Bygrave had to endure more than five years and three court decisions to win his case.It was 1998 when Stephen Bygrave purchased a townhouse in Vaughan, Ont., with his brother, where they lived together. In 2005, Mr.

Mr. Bygrave recognized that the condo, which was still not completed, would be too small for both his mother and him, so he decided to sell it when it was eventually built. It wasn’t until August, 2010, that the condo was completed, and he took possession. He put it up for sale right away, and sold it in November, 2010, for a small gain of about $13,400.In 2014, the CRA chose to reassess Mr.

Second, what is your line of work? Do you sell real estate for a living? If so, this could be a strike against you when it comes to arguing for capital gains treatment. Third, what is the nature of the property and use that you made of the place? Finally, did you borrow money to buy the property and how long did you hold it? The more you borrow and the shorter the time you hold the property, the more this points to business income treatment.

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