Income allocated by a US trust

Tuesday, July 19th, 2016

The Canada Revenue Agency (CRA) was asked whether income allocated by a US trust to a resident of Canada retains its nature as a dividend. The taxpayer was a beneficiary of a US trust established by her aunt on the aunt's passing. In the aunt's will the income, primarily from ...

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 ...