Tax Issues

Total 360 Posts

Contributor/settlor Taxable Income and T3 Reporting Requirements

• • 0 Comments

As most trust and tax practitioners know, The Income Tax Act (“ITA”) will attribute trust income, losses, capital gains and capital losses to the contributor / settlor if certain conditions are met. The 2016 T3 Guide states the following: Certain related amounts, including taxable capital gains and allowable capital losses from that property or the substituted property, are considered to belong to the contributor during the contributor’s life or existence….

Contributor/settlor Taxable Income and T3 Reporting Requirements Continue Reading »

Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized

55(2) and Pipeline Planning

• • 0 Comments

The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting a tax-free dividend received by a private company to proceeds of disposition for capital gain purposes – in other words,….

55(2) and Pipeline Planning Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Individual Pension Plans Revisited

• • 0 Comments

A fellow blogger wrote very eloquently late last week about succession planning for family owned businesses. Regrettably, as she noted the statistics for the successful transfer of family businesses are not very good. With the introduction of the new tax proposals, the challenge for a successful transfer of business to the next generation has become even greater. One important aspect of succession planning is for the current owner/operator to be….

Individual Pension Plans Revisited Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Uncategorized

Succession Planning

• • 0 Comments

In this blog I’d like to remind readers that the idea of “keeping it in the family” is still the most common response business owners provide when asked what they would like to see happen to their business after they have passed away. In fact, many business owners initially think that they will pass the business onto the next generation, usually their children.  Having been involved in this discussion often,….

Succession Planning Continue Reading »

Business Succession Planning, Tax Issues

Private Company Tax Proposals

• • 0 Comments

October 2, 2017 saw the end of the 75 day consultation period offered by the Department of Finance.  The public response to the proposed rule changes was significant with the general public, industry bodies and professional advisors all weighing in on the measures.  So, what now? At a conference organized by the Canadian Tax Foundation which brought together members of the Department of Finance and tax advisors, Finance was unable to….

Private Company Tax Proposals Continue Reading »

Business Succession Planning, Estate Planning, Tax Issues

Further Reform Needed to Support Disability Benefits Recipients

• • 0 Comments

As my fellow bloggers have recently written, changes have been made to the Ontario Disability Support Program (“ODSP”) effective September 1, 2017, three of which are of particular importance for estate planning purposes: The amount a benefits recipient can receive in the form of gifts, trust distributions, and life insurance proceeds (“voluntary payments”) has been increased from $6,000 per year to $10,000 per year; The benefits recipient can receive a….

Further Reform Needed to Support Disability Benefits Recipients Continue Reading »

Disability, Tax Issues
Scroll to Top