Quote:
Originally Posted by octothorp
Yeah, although there's some fairly murky stuff going on around capital gains in Canada. Wilderness artist Tony Onley once had a huge and public fight with revenue over capital gains regarding artwork that he had painted. Because he had painted artwork valued at hundreds of thousands of dollars, but which he still owned, Revenue Canada wanted him to pay tax on them. Only when Onley stagged a public protest in which he threatened to burn several pieces rather than pay tax on them did RC relent. Not sure if the law was changed permanently, or if a special exception was made for Onley. A really backwards law, regardless.
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It's also important to note that sometimes RevCan can be wrong. While I would never want to go toe to toe with them and it's often in your best interest just to listen to them, they can be wrong on the law sometimes. That being said i'm no tax lawyer (or any lawyer for that matter) but my tax knowledge is VERY basic.