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Tag: Deemend Dispositions

Utilizing Spousal Trusts for Estate Planning

If capital property of a taxpayer is transferred to a qualifying inter vivos spousal trust, s.73(1) of the ITA permits the property to be transferred at its adjusted cost base. This is also allowed in respect of its undepreciated capital cost where it is depreciable property of a prescribed class. Under subsection 73(1), the transferor can elect in his or her tax return, the year in which the property was transferred, to forego the rollover. In that event, s. 69 will apply to deem the transfer or gift to take place at fair market value.The requirements to qualify as an inter vivos spousal trust are the following:1) The transferor and the trust should be resident in Canada when the property is transferred to the trust;

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