Principal Residence Exemption and some of the “What if’s”

Tuesday, July 26th, 2016

In my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the exemption ...

Income allocated by a US trust

Tuesday, July 19th, 2016

The Canada Revenue Agency (CRA) was asked whether income allocated by a US trust to a resident of Canada retains its nature as a dividend. The taxpayer was a beneficiary of a US trust established by her aunt on the aunt's passing. In the aunt's will the income, primarily from ...