PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

Tuesday, July 12th, 2016

We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal ...

Post Mortem Pipeline Planning – Good Things Come to Those Who Wait

Tuesday, July 5th, 2016

The Canada Revenue Agency (CRA) recently ruled on a post-mortem "pipeline" transaction involving a private corporation whereby the children of the last-to-die parent (B) received shares of a private corporation where the deceased had reported a deemed disposition gain on their final income tax return. A pipeline transaction is a form ...