Tax Issues

Total 358 Posts

Will The Vacant Home Tax Impact Use of the Principal Residence Exemption; Estate Planning Considerations

• • 0 Comments

  Overview The Ontario government has enabled municipalities to enact a tax on vacant residential units in their regions (Granted under Part IX.1 of the Municipal Act).[1] Each municipality has to pass a By-Law stating the tax rate and conditions of vacancy that, if met, make a property subject to the tax. The Council of the City of Toronto enacted their By-Law, deeming it to have come into force on….

Will The Vacant Home Tax Impact Use of the Principal Residence Exemption; Estate Planning Considerations Continue Reading »

Estate Planning, Executors, In the News, Property, Real Estate, Tax Issues, Uncategorized, Wills

As You’re ‘Checking Your List’, Don’t Forget Your Year End Tax Planning

• • 0 Comments

As the holidays approach, so too does December 31st or the end of a calendar year.  This date can mean different things to different people.  For those in the business of estate and tax planning, the spectre of December 31st often leads to calls from clients who are looking to: complete a project they had on their “to do” list for the calendar year, start a project but have it….

As You’re ‘Checking Your List’, Don’t Forget Your Year End Tax Planning Continue Reading »

Estate Planning, Tax Issues, Trusts

Reversionary trusts – an interesting technicality

• • 0 Comments

Co-author: Rock Lapalme, CPA, CA, TEP (Associate Director of Tax – Baker Tilly Canada) Most practitioners are aware that subsection 75(2) of the Income Tax Act (ITA) may apply to a trust and will attribute all income or loss from a trust’s property back to the person (transferor) from whom the property (or substituted property) was directly or indirectly received if the property may revert to the transferor[i]. In addition….

Reversionary trusts – an interesting technicality Continue Reading »

Tax Issues, Trusts

Beneficial ownership reporting for trusts – the uncertainty is almost here!

• • 0 Comments

The beneficial ownership reporting for trusts (BORT) rules, originally announced in the 2018 Federal Budget on February 27, 2018, has made its way into the House of Commons. The original draft legislation released by Department of Finance on July 27, 2018 was updated on February 4th and on August 9th of 2022. This final update of the BORT draft legislation is now included in the 172 pages of Bill C-32[1]….

Beneficial ownership reporting for trusts – the uncertainty is almost here! Continue Reading »

Canada Revenue Agency, Estate Administration, Tax Issues, Trusts

New Trust Reporting Requirements Postponed Yet Again!

• • 1 Comment

Today’s blog was written by Pritika Deepak, Associate at Fasken LLP. Several tax practitioners and professionals alike breathed a sigh of relief on November 3rd, 2022, when Parliament confirmed that the enhanced tax reporting obligations for trusts shall be postponed once more. As per draft legislation published on August 9, 2022, the application of such enhanced rules was expected to apply to taxation years ending after December 30, 2022. Fortunately,….

New Trust Reporting Requirements Postponed Yet Again! Continue Reading »

Canada Revenue Agency, Tax Issues, Trusts, Uncategorized

Principal residence – deceased vs. estate (Part 2): Time is of the essence

• • 0 Comments

In my previous blog, Principal residence – deceased vs. estate, I discussed the opportunity for an estate to claim a capital loss on a property that was previously the principal residence of the deceased and carry it back to the deceased’s final tax return under subsection 164(6) of the Income Tax Act (ITA). A number of readers reached out to me regarding the difficulties of realizing the loss and filing….

Principal residence – deceased vs. estate (Part 2): Time is of the essence Continue Reading »

Estate Administration, Real Estate, Tax Issues
Scroll to Top