Tax Planning
Keeping your Trusts Clean
Cleansing Tainted TrustsA qualifying spousal trust could inadvertently lose its special status by inadvertently putting capital in the hands of persons other than the spouse. In such situations,...
Trustees: Distributions and Payments to Minor Children
Wills containing benefits held in trust for minor children would usually include clauses authorizing the estate trustee to distribute from the child’s trust directly to the...
Taxation at Death: Using Rollovers to Defer Taxes
RolloversAccording to the Canadian Income Tax Act there are two circumstances under which death need not bring forth a deemed realization of non-depreciable capital property or...
The Liability of Personal Representatives in Estate Administration
Personal Liability of Personal RepresentativesThe purpose of the personal liability provision is to encourage personal representatives to ensure that they do not overlook their obligations, such...
How We’re Taxed when We Die
A pertinent question often asked in respect of taxation at death is: Would there be any estate taxes or succession duties? Strictly speaking, the answer is...
INCOME TAX LAW: A Share Purchase vs. an Asset Purchase of an Incorporated Business
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...
INCOME TAX LAW: General Anti-Avoidance Rule
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...
The Basics of Corporate Income Tax and Shareholders’ Dividend Tax
A corporation is a legal entity separate from its owners, the share holders, and is subject to federal and provincial income taxes (like individuals). There are...
Death Tax, Probate Tax, Estate Tax, Inheritance Tax, Wealth Tax and Final Income Taxes; which of these should we Canadians be concerned for?
Unlike some other countries in the world, Canada does not impose taxes on wealth or the value of an inheritance upon death; but in its place Canada...
