Callidus Capital Corporation v. Her Majesty the Queen, 2018 SCC 47 (SCC) Callidus was a secured creditor of Cheese Factory Road Holdings Inc. Pursuant to a trust agreement, Cheese Factory held all funds received in trust for Callidus and remitted them to be applied to its debt. The amounts paid to Callidus under this arrangement […]
Under subsection 164(1) of the Income Tax Act, a corporation must file its tax return within three years of the end of the taxation year to be entitled to receive a tax refund, should one arise on assessment by the Canada Revenue Agency.
Courts and lawmakers often refer to Canada Revenue Agency (“CRA”) as an involuntary creditor when businesses fail to make required tax payments to the governmental authority. The timely collection of taxes and payroll deductions also plays a fundamental role in the financing of government.