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Tag: Canada Revenue Agency

Tag: Canada Revenue Agency

TRUSTS & ESTATES: Transfering assets to your spouse or children

Trusts and AttributionThe 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...

Real Estate Law: Goods and Services Tax/Harmonized Sales Tax (GST/HST)

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...

Trusts and Estates: Different Types of Trusts in Canada

Classification of Trusts1. Testamentary TrustsThe Income Tax Act defines a testamentary trust as a trust or estate that is formed consequent to the death of a...

The Taxation of Trusts: Understanding Rates of Tax

Rates of TaxUnder s. 117, ITA, a testamentary trust is subject to tax, at the same graduated rates as an individual, while the rate of tax...

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 NEW HST: What all Home Buyers are Asking!

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 as...