Canadian Federal Court of Appeal Upholds Interest on Tax Reassessment for Earlier Year Covered by Loss Carryback

The Canadian Federal Court of Appeal issued a decision on 21 November 2024 on the timing of late payment interest imposed on a reassessment of tax for an earlier year if losses are carried back to cover the reassessment. The case involved a Canadian bank that received a notice of reassessment in 2015 for its 2006 taxation year. In making the reassessment, the tax authority implemented an appro…
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