Beneficial ownership of a principal residence for tax purposes: A question of Law and Fact

Friday, November 14th, 2014

Let’s say, your parents place legal title of their house in your name for health reasons. However, your parents continue to reside in the house and pay all the household expenses. Then your mom passes away. Your dad continues to reside in the house until sometime later at which ...

Valuations for estate planning arrangements and tax disputes.

Wednesday, October 29th, 2014

I was at a conference for professional valuators and appraisers from around North America. There was a session devoted to the do’s and don’ts when dealing with the tax authorities on disputes with valuations, presented by two gentlemen with considerable experience with tax disputes on both sides of the border. I ...

Tax Treatment of Monetary Inheritances

Friday, October 10th, 2014

Do you ever wonder why things are the way they are? Someone does and that someone recently asked the Canada Revenue Agency why inheritances are not taxable. Although the questioner was told by his or her accountants that inheritances are not taxable in Canada, they asked the Canada Revenue Agency ...