Author: Lance

In Memoriam

We are saddened to announce the sudden passing of our friend and colleague, James Shumka, on August 23, 2022. He was only 58. James was a founding principal of Legacy Tax + Trust Lawyers and was instrumental in its formation in 2000. In fact, James coined our name. James was a universally respected tax lawyer who excelled at devising and implementing creative legal and tax solutions for clients. He was a consummate professional, an exceptional colleague and a true gentleman. James was a delight to work alongside. James was also a devoted husband and father.

The Principal Residence Exemption

Laura M. Peach

PREPARING FOR PROPOSED CHANGES Many taxpayers are aware that an exemption from tax on capital gains may be available when those gains arise from the disposition of their principal residence. However, proposed changes to the Income Tax Act could limit the ability of many taxpayers to claim the principal residence exemption (the “PRE”). Trustees, in particular, need to be aware of the proposed changes. Current Requirements Generally speaking, a Canadian resident individual can claim the PRE if the taxpayer owned the housing unit and it was ordinarily inhabited by the taxpayer or his or her spouse or child. In…