For purposes below referring to a “house” includes a condo as well. Did you know that CRA will consider you a “Builder” if: 1) You are an individual or corporation; …
Classification of Trusts 1. Testamentary Trusts The Income Tax Act defines a testamentary trust as a trust or estate that is formed consequent to the death of a tax-paying individual …
Rates of Tax Under s. 117, ITA, a testamentary trust is subject to tax, at the same graduated rates as an individual, while the rate of tax payable by an …
Taxation of Trusts The taxation of trusts and their beneficiaries are dealt with under Sections 104 to 108, inclusive, of the ITA. The fundamental principle with respect to taxation of …
TAXATION AT DEATH AND PERSONAL TAX PLANNING Extension of Time for Filing Returns Along with the extended deadline for the filing of the basic terminal return, there is a special …
The due date for the terminal return depends upon the date of the deceased’s death: 1) For a death prior to November, the terminal return is due by the following …
Upon the death of a taxpayer, a T3 trust tax return is prepared, as well as a report of the income earned by the estate after the taxpayer’s death and …
This article is attempting to illustrate the type of reasoning necessary in order to decide if an asset purchase or share purchase of an incorporated business is best. As well as …
The GAAR: Overriding, Overarching or Just Over? In most legal structures, rules and regulations tend to expressly or implicitly instruct or guide a person or any other legal entity for …
Under section 116 of the Canadian Income Tax Act, non-resident vendors disposing of certain taxable Canadian property (partially listed below) are to notify the Canada Revenue Agency (CRA) about the …