QSBC Shares and the Lifetime Capital Gains Exemption
Ian Worland
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Read ArticleWithout Bounds: Administration Issues for International Estates
Andrea Frisby
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Read ArticleRepeated Failure-To-File Penalty: Scope Narrowed
Michelle Moriartey
A repeat late filer may be assessed a penalty of up to 50 percent of the income tax payable that was unpaid when the return was due. However, in Hughes v. The Queen (2017 TCC 95; informal procedure), the court held that the penalty does not apply when the…
Read ArticleThe 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…
Read ArticleLegal Considerations for Death and Incapacity
Genevieve N. Taylor and Christine M. Muckle
INTRODUCTION This paper identifies the building blocks of an estate plan that are necessary to ensure a client’s financial and health care wishes during life, as well as the disposition of his or her assets on death, are accomplished in a way that is…
Read ArticleTo Be or Not To Be – The Executor: His Powers, Obligations and Liabilities
Genevieve N. Taylor and Christine M. Muckle
INTRODUCTION The position of executor brings with it incredible responsibility and serious potential for liability. Although the fees awarded for fulfilling the duties may seem generous, in all honesty, you are paid for what you get. A person should…
Read ArticleTransfers and Joint Property Ownership under the Wills, Estates & Succession Act and the Family Law Act
Lauren Blake
Transfers and Joint Property Ownership under the Wills, Estates & Succession Act and the Family Law Act by Lauren Blake and Emma Ferguson
Read ArticleAll Trusts, All the Time – Implied, Resulting and Constructive Trust Claims
Lauren Blake
I. Introduction The concept of who actually owns an asset arises frequently in the areas of both family and estate law. Families often transfer ownership to real estate and other assets without considering the legal consequences of the transfer. The…
Read ArticleTaxable Dispositions and Deferrals
Genevieve N. Taylor and Jeffrey Bichard
I. Overview In the course of an estate plan, the spectre of tax dispositions can cast a long shadow over otherwise desirable plans. Likewise, when administering an estate the deemed disposition triggered by death can create havoc for an estate’s…
Read ArticleTransfers to the Corporation: Section 85 Rollovers
Nicholas P. Smith
I. INTRODUCTION S.85(1) of the Income Tax Act (Canada) (the “ITA”)[1] allows a person to transfer property to a taxable Canadian corporation on a tax-deferred basis. This rollover allows a person to defer the recognition of income, capital gains…
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