Tax Shelters -- when a gift is not a gift

[joeiannuzzi]

Thursday`s column looks at the Canada Revenue Agency`s continuing crackdown on so-called "buy-low, donate-high" gifting tax shelters.

Here is the August CRA alert about its stance on gifting tax shelters.

"Every audit completed to date has resulted in a reassessment of tax, plus interest," the CRA said, adding that in many cases it "has denied the `gift` completely."

http://network.nationalpost.com/np/blogs/w...not-a-gift.aspx

 

[navaz]

GEneral rule of thumb- "transactions to avoid tax rarely work" Focus on making money so you can pay the taxes and not get involved in these types of schemes