Implementation of enhanced trust reporting requirements delayed one year
We previously wrote on Finance Canada’s proposed expansion of the reporting requirements for Canadian trusts, including the proposed expansion of the rules to capture bare trust arrangements. You can read our latest article here. The new filing and reporting requirements […]
CRA significantly expands proposed trust reporting requirements to include bare trust arrangements
In 2018, the Department of Finance Canada released Legislative Proposals, and Explanatory Notes that dealt with, among other topics, the Reporting Requirements for Trusts as first announced in Budget 2018. We posted about these new requirements and some of their […]
Update on Bill C-208 New taxation rules impacting transfers of family businesses to the next generation
In our previous article on this topic, we discussed Bill C-208 (the “Legislation”), a Private Member’s bill that amends the Income Tax Act[1] (the “Act”) to change certain rules in sections 55 and 84.1 of the Act to facilitate intergenerational […]
New taxation rules impacting transfers of family businesses to the next generation Everything you thought you knew about intergenerational transfers is now wrong
Owners of family small business corporations, family farming and fishing corporations, especially those contemplating intergenerational transfers of those businesses, should take note of a significant change to Canada’s tax laws designed to “level the playing-field” between related-party and arm’s-length transfers. […]
Generating a dividend refund as a result of a s. 84.1(1)(b) deemed dividend
Recent statements from Canada Revenue Agency (“CRA”) confirmed a reversal of their position on the interplay between amounts deemed to be dividends under paragraph 84.1(1)(b) of the Income Tax Act[1] and a payor corporation’s ability to recover refundable taxes under […]
Ontario Court of Appeal upholds Marley v. Salga: 2020 ONCA 104
In our July 9, 2019, issue of Wealth Matters[1] we discussed the decision of the Ontario Supreme Court in Marley v. Salga.[2] In that lower court decision, the application judge, Mr. Justice Reid, held that an otherwise valid joint tenancy […]
CRA further circumscribes trust 21-year planning strategies involving non-resident beneficiaries
Canadian Accountant
The CRA’s stated positions will result in a chill on tax practitioners’ advice to their clients, says Stephen Sweeney of Miller Thomson. Read the full article
CRA further circumscribes trust 21-year planning strategies involving non-resident beneficiaries
Subsection 107(2) of the Income Tax Act[1] generally provides for a tax-deferred rollout of capital property held by the trustees of a Canadian-resident personal trust to their capital beneficiaries in satisfaction of their capital interests in the trust. This rollover […]
CBCA Corporations and the Beneficial Ownership Register
In 2017, Canadian federal, provincial and territorial finance ministers signed an Agreement to Strengthen Beneficial Ownership Transparency (the “Agreement”). This Agreement was made in furtherance of international conventions to prevent the misuse of corporations and other legal entities for tax […]
Beneficial Interests in Discretionary Trusts and the Associated Corporations Rules; Moules Industriels v. The Queen
When two or more corporations are associated for the purposes of the associated corporation rules in section 256 of the Income Tax Act (the “Act”), those corporations are required to share a business limit and, consequently, eligibility for the small […]
