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 ...

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE

Tuesday, May 31st, 2016

From time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the ...