One of the most contentious issues in real estate and property is how real property taxes are assessed and charged to the property owner, of course, it is only contentious …
Taxation of Beneficiaries Under subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a beneficiary is taxed …
Trusts and Attribution The attribution rules for trusts, transferors, and so on are given in Subsections 74.1(1) and 74.2(2) of the Canadian Income Tax Act (“ITA”). These rules are meant …
If capital property of a taxpayer is transferred to a qualifying inter vivos spousal trust, s.73(1) of the ITA permits the property to be transferred at its adjusted cost base. …
In the OREA standard form agreement (“OREA Agreement”), there is a blank space provided where it should be indicated whether taxes are “included in” or “in addition to” the purchase …
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 …