The Federal Budget released on March 21, 2013 contains two changes to section 31 of the Income Tax Act. The Jockey Club of Canada Tax Committee Chair, John Unger, has released the following statement regarding Section 31 of the Income Tax Act pertaining to the horse racing industry in Canada. First, the wording of section […]
Income Tax Act
The Supreme Court of Canada today released its decision in the case of The Queen v. John Craig concerning section 31 of the Income Tax Act. Section 31 limits the ability of taxpayers to deduct farming losses against other income. Section 31 does not apply to a taxpayer whose chief source of income is farming or a […]
