This post has been submitted by Toronto, Canada lawyer John Richardson and is about the recent Moore Case in Edmonton, Alberta, Canada. Mr. Richardson states “It is a great example of taxpayer victory in resisting the draconian and unreasonable Form T1135 penalties in Canada.”
The taxpayer was employed by GE Capital Canada and participated in their employer sponsored share purchase plan as provided by the company. When GE Capital Canada was acquire by Wells Fargo Canada this ended the taxpayers participation in the share purchase plan. Mr Moore was given the option to sell his shares or place them into a Canadian Brokerage firm. He chose the brokerage firm. It was only after this change that he learned he should be filing a Form T1135.