Tag: Tax
Tag: Tax
What If A Mortgage Goes Bad In A MIC? What are the Investment Benefits In A MIC?
Management of the MIC must be vigilant and selective with whom they lend to, and investors can inquire about whether the MIC in question will allow...
Securities Law & Regulations of a MIC, a Mortgage Investment Corporation
A “Trade” (i.e. selling shares to investors in this case) triggers the “Registration” requirement, even if the trade is not a “distribution”. Just because there is...
Taxation of a MIC, a Mortgage Investment Corporation
The MIC itself will not pay income tax so long as the profits are flowed through to the shareholders and taxed in their hands. This is...
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,...
Property Tax in Ontario: A Primer
One of the most contentious issues in real estate and property is how real property taxes are assessed and charged to the property owner, of course,...
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...
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...
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...