Whose asset is it – the question of “title”?

Wednesday, December 10th, 2014

The Canada Revenue Agency (CRA) was recently asked for their comments with respect to a change in legal ownership of property for income tax purposes in a situation where a person held legal title to property and their former spouse had beneficial ownership as a result of the settlement rights ...

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 ...