When advising on estate planning and registered plans, one issue that continues to catch taxpayers and practitioners off guard is how different registered vehicles are taxed on death. Although Registered Retirement Savings Plans (RRSPs) and First Home Savings Accounts (FHSAs) share many similarities during a taxpayer’s lifetime, their treatment on death is fundamentally different.
Read MoreLate one evening, long after the office had gone quiet, the accountant sat alone beneath his desk lamp reviewing a freshly opened estate file.
On paper, it looked bare. The investments had been sold off, and the accounts liquidated, leaving only a pool of stagnant cash.
Read MoreAs part of the spring economic update the Federal Government is proposing to make the Employee ownership trust tax exemption permanent.
We find that EOT regime is intentionally highly restrictive.
While it offers targeted tax incentives, those benefits are tightly controlled through prescriptive statutory rules that significantly limit flexibility in structure, governance, economics, and post-sale control.
Read MoreWhat are the Canadian income tax consequences arising from a proposed cash distribution by a Canadian estate to a non-resident beneficiary of an estate?
Read MoreTrust Reporting Rules: Express vs. Non-Express Trusts (Canada)
Read MoreAs personal tax season has arrived, we thought it might be helpful to discuss a recently published technical interpretation from CRA (2022-0923881I7) covering a subsection 45(3) change in use election. Of the four questions asked of CRA, three could be very relevant to your practice.
Read MoreThese are a summary of the requirements to have paragraph 84.1(2)(e) apply to a sale, which is the provision that allows these transactions to occur and not otherwise offend the anti-avoidance provisions of section 84.1.
Read MoreFAPI and TOSI Overlap: 107 Percent Tax Is Not Fair
Read MoreAffiliation Election for CEWS: Private Corporation Applications
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