Uncategorized

Total 679 Posts

Fair Market Value Used to Test the Meaning of All or Substantially All of the Assets Used in an Active Business

• • 0 Comments

Under The Income Tax Act (“ITA”), if a taxpayer disposes of property that is all or substantially all of the assets used in an active business for consideration that includes shares of a corporation, the shares are deemed to be capital property. The disposal is considered to be a capital gain and may be eligible for the lifetime capital gains exemption for qualifying companies. This is a very important piece….

Fair Market Value Used to Test the Meaning of All or Substantially All of the Assets Used in an Active Business Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Small Business, Tax Issues, Uncategorized

Tax Appeals in Estates and Legal Standing

• • 0 Comments

In the land of income taxes and income tax law, it is generally understood that a taxpayer cannot appeal another taxpayer’s assessment without legal standing to do so. This is particularly relevant when the taxpayer being assessed or re-assessed is deceased. In the Estate of Straessle v. the Queen 2018 DTC 1106, the issue of legal standing was put to the test with interesting results. Sometime ago, The Canada Revenue….

Tax Appeals in Estates and Legal Standing Continue Reading »

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

Posthumously-Conceived Children Revisited

• • 0 Comments

Please note: This blog has been updated from the original version which appeared on October 19, 2019. In a previous blog I wrote about Ontario’s new parentage rules, which came into force on January 1, 2017. Those are the rules that govern who is recognized at law to be a parent of a child. The relationship of parent and child that is recognized at law is then followed in determining….

Posthumously-Conceived Children Revisited Continue Reading »

Uncategorized

Charitable Matching Funds

• • 0 Comments

As a fundraiser at a university in the early 1990s I discovered that a primary extra incentive for major charitable gifts is matching funds.  Typically from government sources, matching funds are compelling to donors and important fundraising tools for a lucky few charities.  Unfortunately they create an uneven playing field in the charitable sector. Matching programs are varied and often short-lived, but in every case they represent a government priority. Examples….

Charitable Matching Funds Continue Reading »

Charitable Giving, Philanthropy/Charitable Giving, Uncategorized

Thin Management Plan; no Guardianship

• • 0 Comments

There are many reasons why a person may wish to have someone else assist with the management of their finances or personal care decisions.  One reason could be because he/she will be away from home for a period of time and needs someone to look after their financial affairs while they are gone.  Or, it could be because of diminishing capacity to handle one’s financial and personal care decisions. In….

Thin Management Plan; no Guardianship Continue Reading »

Uncategorized

Donation Shelters: A Tale of Financial Misadventure

• • 0 Comments

Due to my conservative nature and my belief that something that looks too good to be true often is, I have been always nervous about people participating in what appear to be very aggressive charitable donation shelters and people who promote them, particularly shelters which appear to catch the attention of the Canada Revenue Agency (“CRA”) from inception. Recently, I read about a case about a taxpayer who participated in….

Donation Shelters: A Tale of Financial Misadventure Continue Reading »

Canada Revenue Agency, Estate Planning, In the News, Philanthropy/Charitable Giving, Tax Issues, Uncategorized
Scroll to Top