Content tagged with "Section 31"

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Budget Reverses ‘Craig’ Decision, But Increases Restricted Farm Loss

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…

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Status Update: Horse Racing in Ontario

Since the Ontario government’s announcement regarding the termination of the Slots At Racetracks (SAR) Program I have been in personal contact with many of our members and would like to thank those of whom I have spoken with for expressing…

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John Craig Wins Tax Appeal Case

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…

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