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Tag: CRA

Tag: CRA

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...

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...