Brent Kern Family Trust v. The Queen, (2013 TCC Boccok) — The more twists in your tax plan, the more places it can break: tax avoidance plan, using anti-avoidance rule for trusts, fails
This case is a great example of how, in the tortured world of tax avoidance, one taxpayer’s success can wreck another’s tax plan. Mr. Kern set up the Brent Kern Family Trust to take advantage of an anti-avoidance rule. This rule, in ITA s. 75(2) prevents high income taxpayers from splitting income with low-income taxpayers (usually family members). The rule says that, despite the transfer to the trust, any… Read More »Brent Kern Family Trust v. The Queen, (2013 TCC Boccok) — The more twists in your tax plan, the more places it can break: tax avoidance plan, using anti-avoidance rule for trusts, fails