When Not to Transfers Between Spouses : beware of section 160 tax implication

Under section 160, a transferee of property may be assessed for the tax liability of the transferor to the extent that the FMV of the transferred property exceeds the FMV of the consideration given for the property.
In recent case Brown v. Queen (2020 TCC 45), a transfer between spouses not attract the application of section 160 because the spouse accepting the transfer will give full consideration in the form of assuming a corresponding obligation to pay the expenses of the transferring spouse. That intention should be reinforced with written documentation, appropriate documentary evidence, supplemented by accounting showing that the obligation was properly discharged.
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Intermediate Staff Accountant

We are a public accounting firm in mid-town Toronto providing a wide range of accounting, management, consulting and tax services that are reflective of the unique needs of small to medium size businesses in a wide variety of industries. We also service the unique issues faced by larger enterprises and public companies.


We are currently looking for a full-time intermediate staff accountant, who is passionate about client service, accounting, corporate and personal tax preparation, to join and grow with the firm.



  • Independently complete (from start to finish) working papers and financial statements for mostly “Review” and “Notice to Reader” engagements of various sizes
  • Prepare corporate, personal and trust tax returns
  • Assist with and/or prepare annual T5/T4/T3 slips
  • Various income tax and accounting projects, as the need arises
  • Occasional travel to client offices, if and when required
  • Build effective relationships with clients
  • Respond and followup to client and CRA requests
  • Ad hoc duties as assigned
  • Monitor, coach and review junior staff, if and when required
  • Identify internal processes and file improvements for future assignments and share ideas with other staff members


  • Minimum of 2-3 years experience in a Canadian Public Accounting Firm
  • CPA designation (CA , CGA or CMA) is an asset, but not required.
  • Proficient in Microsoft Word and Excel, Case Ware and Taxprep
  • Familiarity with Quick books and other accounting system
  • Excellent verbal and written communication skills
  • Strong interpersonal skills
  • Strong commitment to quality
  • Strong file management and organization skills
  • Understanding of business professionalism and an ability to work independently and as part of team


Based on qualification and experience


Please email resume and cover letter in confidence with approximate salary expectation level to tli.cpa.ca@gmail.com. We thank all candidates who apply, however, only those selected for a personal interview will be contacted.

How Business Makes Tax Payment Through Online Banking?

Online banking is the easiest way for businesses to pay their bills. However, despite all major Canadian banks offering tax payment/filing services, paying business tax bills is not as obvious as paying regular bills, like your cellphone, internet, utilities and etc.. Because banks separate this functionality from normal “Pay Bills” functions. The “Pay Bills” function provided by banks only support paying individual tax bills, not business taxes.

I have often been asked by clients about how to make tax bills through their online banking. The following is a list of the resources I found from three major Canadian bankers. Hope these information can help and ease your tax payment processes.

Bank of Montreal: Tax Payment Services Guide

Bank of Nova Scotia: Tax Payment Services Guide

RBC: Tax Payment Services Guide

I can’t locate the information from TD and CIBC. If you happened to know them. Please post here.

About Me:

Tao Li is a dedicated and experienced Chartered Professional Accountant and Chartered Account providing tax and accounting services in Toronto. With over 10 years of accounting and tax experience, my objective is to provide you insightful and timely advice with a high level of integrity, quality and professionalism.

About the Firm:

Based in Toronto, Tao Li CPA Professional Corporation is a full service accounting firm committed to provide a comprehensive range of services to entrepreneur, professionals, small to mid-sized corporations and not-for-profit organizations. Our services include bookkeeping, payroll, GST/HST, corporate tax preparation, financial statements compilation, business registration, management accounting and budgeting, business planning, financial forecasts and projections.


Lottery prize commissions are taxable since Jan 1, 2014

Lottery prize commissions

Lottery ticket retailers who sell winning tickets must include in their income the amount or value of any prize commissions they received from a provincial lottery corporation on or after January 1, 2014. For more information, see Lottery prize commissions.

For years, the Canada Revenue Agency (CRA) held the position that any commission or prize received by lottery ticket retailers from a provincial lottery corporation for selling a winning ticket was not taxable. This position was outlined in Interpretation Bulletin IT 404R, Payments to Lottery Ticket Vendors.

Repeated concerns over the years about the fairness of this position prompted the CRA to review it. Concerns centred on the fact that generally, as explained in Interpretation Bulletin IT-334R2, Miscellaneous Receipts, prizes or commissions a taxpayer may receive from carrying on a business are indeed taxable. Upon review, the CRA concluded that treating prizes paid to lottery ticket retailers as non-taxable led to inconsistent treatment between taxpayers. As a result, the CRA cancelled Interpretation Bulletin IT-404R on December 31, 2013.