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Update on Bill C-208; New taxation rules impacting transfers of family businesses to the next generation

Canada - July 15 2021 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 (the…

Catherine Brayley, William J. Fowlis

New taxation rules impacting transfers of family businesses to the next generation; Everything you thought you knew about intergenerational transfers is now wrong

Canada - June 30 2021 Owners of family small business corporations, family farming and fishing corporations, especially those contemplating intergenerational transfers of…

Catherine Brayley, William J. Fowlis

CRA further circumscribes trust 21-year planning strategies involving non-resident beneficiaries

Canada - March 3 2020 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…

Finance to Recommend Extension of Principal Residence Exemption to Inter Vivos Disability Trusts

Canada - December 17 2019 In a comfort letter issued September 4, 2019 by the Tax Policy Branch (the “Comfort Letter”), Finance Canada indicated that they are prepared to…

Severing a Joint Tenancy by Will; Marley v. Salga, 2019 ONSC 3527

Canada - July 9 2019 In an unusual decision of the Ontario Superior Court of Justice (Marley v. Salga, 2019 ONSC 3527, released June 6, 2019), Mr. Justice Reid may have…