Tag: Income Tax
Tag: Income Tax
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") that have drastic tax consequences for those who have "flipped property". ...
Benefits of Incorporation (PREC) for Realtors in Ontario
Thanks to the passing of Bill 145, Trust in Real Estate Services Act, 2020, realtors in Ontario may now incorporate and earn income through a Personal...
TRUSTS & ESTATES: How your Beneficiaries are taxed
Taxation of BeneficiariesUnder subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a...
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...
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 Basics of Corporate Income Tax and Shareholders’ Dividend Tax
A corporation is a legal entity separate from its owners, the share holders, and is subject to federal and provincial income taxes (like individuals). There are...
SOME BASIC REAL ESTATE TAX STRATEGIES
Proactive and preemptive tax strategizing is important when filing an income tax return. The income and excise taxation of Canadian real estate would primarily depend on...
