Principal residence exemption – renting to a child

Tuesday, June 21st, 2016

The Canada Revenue Agency (CRA) was asked if a taxpayer's property designated as his "principal residence" but rented and lived in by his son continued to qualify as his "principal residence" for the purpose of claiming a principal residence exemption to shelter a gain from personal tax. The taxpayer owned the ...

INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?

Tuesday, June 14th, 2016

Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal tax ...