Canada Revenue Agency

Total 280 Posts

Ontario’s Non-Resident Speculation Tax

• • 0 Comments

Recently the Government of Ontario followed the heels of the British Columbia Government by introducing a “non-resident speculation tax” (“NRST”). The NRST will apply to the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe (the “GGH”) by individuals who are not Canadian citizens or permanent residents or by foreign corporations or taxable trustees.  The quantum of tax is equal to 15% and it….

Ontario’s Non-Resident Speculation Tax Continue Reading »

Canada Revenue Agency, Costs, Liability, Property, Real Estate, Tax Issues

The Prescribed Rate is About to Change – for Real this Time?

• • 0 Comments

The prescribed rate is the minimum interest rate prescribed by the Canada Revenue Agency (“CRA”) that should be charged on various non-arm’s loans such as those made by you to your spouse or child (through a family trust). Such loans are a common device to split income with others in your family. The money is often used to invest in income-producing properties and the income is taxable in the hands….

The Prescribed Rate is About to Change – for Real this Time? Continue Reading »

Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Real Estate, Tax Issues, Uncategorized

Old Age Security Clawback – Grossed-Up vs Actual Dividends

• • 0 Comments

The Canada Revenue Agency (CRA) was reminded by a taxpayer individual about a perceived lack of fairness when required to include the dividends received at a grossed-up amount when calculating net income rather than only including the actual amount of dividends received. The taxpayer felt this was unfair because net income is used to calculate the reduction his or her old age security (OAS) pension. In their response the CRA….

Old Age Security Clawback – Grossed-Up vs Actual Dividends Continue Reading »

Canada Revenue Agency, Estate Planning, Tax Issues

JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

• • 0 Comments

When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it transfers to that person when I pass away? Are there any implications? Technically speaking, “putting someone else’s name on a….

JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Interest, Investments, Joint Tenancy, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills

Gift returned receipt required

• • 0 Comments

The Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a charitable foundation raising funds to support a specific college. The gift was made on the condition that the funds be….

Gift returned receipt required Continue Reading »

Canada Revenue Agency, Charitable Giving, Estate Donations, Executors, Insurance, Philanthropy/Charitable Giving, Tax Issues

TAXATION OF DEPRECIABLE PROPERTY TRANSFERS INVOLVING TRUSTS

• • 0 Comments

Pursuant to a certain provision of the Income Tax Act (“ITA”), if in the transfer of depreciable property between related parties, the actual cost to the transferee would otherwise exceed the capital cost (for tax purposes) to the transferor, the capital cost to the transferee is limited to the sum of the capital cost to transferor and the transferor’s taxable capital gain on the property minus any related capital gains….

TAXATION OF DEPRECIABLE PROPERTY TRANSFERS INVOLVING TRUSTS Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Real Estate, Tax Issues, Trusts
Scroll to Top