When an entrepreneur dies owning shares or an interest in a foreign corporation, the executor is faced with a challenging situation. An estate with ownership or an interest in a foreign corporation raises specific and complex tax rules that leave the executor and family members hoping the deceased has a…
There are several ways to extract funds from a business; salary, dividend, bonus or a shareholder loan. When a shareholder withdraws corporate funds by way of a shareholder loan, it will be recorded in the business financial statements and comes with tax implications to the shareholder. This is because, a…
This article is written by Nicole Ewing, Principal, Wealth Planning Office, TD Wealth Friends, I’ve got to call it straight, this has been a tough year. Mentally taxing, if you will. Perhaps they all are in their own way, but this one was particularly hard. Life was great, don’t get…
Today’s blog was written by Kelsey Buchmayer, associate with the Ottawa office of Gowling WLG (Canada) LLP Registered plans are an important factor to consider in an individual’s estate planning, whether it’s from a tax-planning perspective, bypassing probate and probate fees, or distributing assets in a specific manner. There are…
My husband and I recently went on a trip to Peru to celebrate our 35th wedding anniversary. It was an adventurous 18-day tour, amazing but exhausting. One of my favourite parts was the beginning of our trip when we spent four days at an Amazon jungle lodge. Part of…
This blog has been written by Rahul Sharma, Partner, at Fasken Martineau DuMoulin LLP, Toronto Last week, I had the pleasure and privilege of being a panelist at the American Bar Association’s International Law Section conference in London, UK. The focus of our discussion was millionaire migration. Together with my…
There have been many changes since my article on the U.K. Inheritance tax (“IHT“) applying to a Canadian resident. Indeed, we’ve seen a Spring U.K. budget introducing an overhaul of the U.K. resident non-domiciled individuals (“non-doms“) regime, a U.K. election bringing a new government and another Autumn budget. It has…
Andrew Coates, Associate, Gowling (WLG) Canada In April, I wrote an article about the Canada Revenue Agency’s (the “CRA”) 11th hour reversal on requiring bare trusts to file T3 returns and Schedule 15s because of the confusion of Canadians and tax professionals alike in answering the question: is this a…
As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are…
Donya Ashnaei articling student and Maddi Thomas, associate, Gowling WLG (Canada) LLP Introduction Following a year marked by low GDP growth, high inflation, and rising interest rates, the federal government unveiled several proposed measures in Budget 2024, including an increase in the capital gains inclusion rate from 50% to 66.67%…