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 ...
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 ...
Rollovers According 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 depreciable capital property: ...
Personal Liability of Personal Representatives The purpose of the personal liability provision is to encourage personal representatives to ensure that they do not overlook their obligations, such as to file ...
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 “no”. In Canada, there ...
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 ...
Residential Real Estate Properties Overview As part of its provincial budget, the Ontario government chartered a bill on March 26, 2009 that will adopt a single sales tax system tagged ...