The Canada Revenue Agency was recently asked to confirm whether, for a gift of ecologically sensitive land, the full amount of the capital gain realized by the corporation would be added to the corporation’s capital dividend account.
It’s a new year, and for many, with that comes new resolutions! My fellow blogger, Elaine Blades, recently encouraged those readers who are among the 50% of Canadians without a Will to add “making a Will” to their goals for 2016. If you have a Will, you may also wish…
Family matters, but whom does it include? The Tax Court of Canada (“TCC”) and the Canada Revenue Agency (“CRA”) recently separately considered questions along this line of inquiry.
Those of us in Toronto this morning woke up to… snow! The weather is a picturesque reminder that the holiday season is nearly here. For many, December inspires consideration not only of what gifts to make to family and friends, but also of what gifts to make to charity.
A very recent decision from the Ontario Court of Appeal (Holgate v. Sheehan Estate, 2015 ONCA 77) considered the question of whether the accumulation of wealth should be considered a “use” of trust income or capital.
As the CTV election coverage commercial proclaims, “Tonight, history will be made.” Today is election day! Don’t miss out on your chance to participate by casting a ballot.
In a recent letter, the CRA was asked whether a testamentary spousal trust could qualify as the graduated rate estate where the spousal trust is comprised of the deceased’s entire estate.
A recent decision from the Federal Court of Appeal contains sad news for snowbirds and those who struggle with long, Canadian Winters. In Canada v. Tallon, the Federal Court of Appeal was tasked with determining whether travel to warmer climates could under appropriate conditions be considered a medical service. The taxpayer sought to deduct expenses related to such travel as medical expenses for the purposes of the medical expense tax credit as defined in subsection 118.2(1) of the Income Tax Act (Canada).
The CRA recently began an initiative to consolidate the information provided in its income tax interpretation bulletins and income tax technical newsletters. The new publications are called “folios”. As each folio is released, it is subject to a three-month comment period. In late September, the CRA released “S6-F2-C1-Disposition of an…
I was recently asked about whether, and when, an attorney for property can make charitable gifts on behalf of a grantor. The answer depends in part on whether the grantor of the power of attorney (the “POA”) is capable of managing property at the time the gift is made. While…
