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By: Tax Chambers  09-12-2011

2011 Offshore Voluntary Disclosure Initiative ends on August 31, 2011. U.S. citizens residing in Canada may benefit from the 2011 OVDI to reduce penalties and avoid criminal prosecution for past non-compliance with U.S. tax obligations.

Posted By : Vitaly Timokhov on July 10, 2011 at 21:48:37

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The issue before the Court was the deductibility of certain amounts claimed (travel, advertising, and rent) on the taxpayer’s income tax returns for the 2004. On April 19, 2010, Justice Sheridan of the Tax Court of Canada released her decision in Naguit.


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In an article published in the November 23, 2010 edition of the Toronto Star, Finance Minister Jim Flaherty pledged to widen the ability of a taxpayer to file a notice of objection and an appeal to the Tax Court of Canada.