Tax Court Rules Taxpayers Must Give Clear Instructions for Applying Refund Balances
Many taxpayers believe that a credit held by the Canada Revenue Agency (CRA) or Revenu Québec will automatically be used to pay upcoming tax liabilities. However, the Tax Court of Canada’s ruling in BMLex Avocats Inc. v. The King shows that relying on this assumption can lead to unexpected interest charges. The Court confirmed that taxpayers must … Read more