Gowling WLG LLP

Total 48 Posts

 Website

Tax Considerations for Gifts of Art in Canada PART TWO

• • 0 Comments
Blog Illustration

Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP This article forms part two of a two part series detailing the benefits and requirements of donating art for Canadian taxpayers to consider as part of their estate planning needs. Part one of this article series explored the benefits and three legal requirements for gifts of art. This article will continue the discussion on the requirements.   You can find….

Tax Considerations for Gifts of Art in Canada PART TWO Continue Reading »

Canada Revenue Agency, Charitable Giving, Tax Issues

Tax Considerations for Gifts of Art in Canada

• • 0 Comments

Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP An increasing number of Canadian taxpayers are interested in giving pieces of art to charities or other qualified donees as part of their estate plans. Some of these Canadian taxpayers are choosing to make decisions to give such art during their lifetimes, while others are setting down a plan for their gifts of art to occur at….

Tax Considerations for Gifts of Art in Canada Continue Reading »

Charitable Giving, Estate Donations, Estate Planning, Uncategorized, valuation, Wills

Taxable Preferred Shares – Some Potential Relief for Specified Amounts

• • 0 Comments

Andrew Coates, Associate, Gowling WLG (Canada) LLP The potential tax implications of estate trustees finding themselves holding taxable preferred shares (“TPS”) owned by a deceased and the “substantial interest” exception for Part VI.1 tax was explored previously in the March 2, 2021 post, but TPS is a complicated subject so we will discuss another of the exceptions in today’s post: the “specified amount” exception. As a refresher, TPS is defined….

Taxable Preferred Shares – Some Potential Relief for Specified Amounts Continue Reading »

Succession Planning, Tax Issues, Uncategorized

What Makes an Indigenous Trust Unique?

• • 0 Comments

What makes an Indigenous trust unique from other inter vivos trusts? Two factors in particular are worth noting: (1) the nature and involvement of the beneficiaries of the trust, and (2) the manner in which Indigenous entities as settlors can utilize the income attribution rule under s 75(2) and their tax-exempt status under s 149(1)(c) of the Income Tax Act…..

What Makes an Indigenous Trust Unique? Continue Reading »

Canada Revenue Agency, Tax Issues, Trusts

Trustees Holding Title to Real Property: It Used to be Simpler

• • 0 Comments

Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion…..

Trustees Holding Title to Real Property: It Used to be Simpler Continue Reading »

Cottage, Estate Planning, Fiduciary Professions, Joint Tenancy, Property, Real Estate, Succession Planning, Trustee, Trusts

Section 116 and Capital Distributions by Trust to Non-Resident

• • 0 Comments

When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition…..

Section 116 and Capital Distributions by Trust to Non-Resident Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration, Executors, International, Property, Real Estate, Tax Issues, Trusts
Scroll to Top