Tag: CRA
Tag: CRA
Does your occupancy period count towards your 12 month anti-flipping of property?
Does your occupancy period count towards your 12 month anti-flipping of property? Bill C-32 makes a few simple changes to the Canadian Income Tax Act (the "Act")...
Managing A MIC, a Mortgage Investment Corporation
The creation of a MIC is similar to other corporations in the method of organization, election of directors/officers and the faculty to appoint committees, hire employees,...
Everyone’s a “Builder”, but what does that mean in terms of HST?
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...
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...
How Trusts are Taxed in Canada
Taxation of TrustsThe taxation of trusts and their beneficiaries are dealt with under Sections 104 to 108, inclusive, of the ITA. The fundamental principle with respect...
Filing Tax Returns for a Deceased Person
TAXATION AT DEATH AND PERSONAL TAX PLANNING Extension of Time for Filing ReturnsAlong with the extended deadline for the filing of the basic terminal return, there...
When to File a Terminal Tax Return
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...
Taxation of an Estate as a Trust
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...
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...
