How is the Smith manoeuvre going to avoid GAAR now?
A central issue in the case is the interpretation of an Income Tax Act principle, called the General Anti-Avoidance Rule (GAAR).
Enacted in 1988 to reduce abusive tax avoidance, the GAAR can make legal transactions illegal for being a "misuse or abuse" of the rules.
If something seems to good to be true . . .
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