Taxable Dispositions and Deferrals

Genevieve N. Taylor

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 administration. This paper will (a) outline common circumstances in which a disposition of property may give rise to tax and (b) discuss steps that may be taken to defer the taxes payable to a later date or manage the payment of such taxes. We begin with an overview of what is a taxable disposition under the Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.) (the "Act") and…

Transfers 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…

The Final Step: Passing the Accounts in a Contentious Estate

I.       Introduction A.     Then and Now: The Duty to Account All personal representatives and trustees (throughout this paper the term “trustee” represents both a true trustee and personal representative) have a duty to account to persons with…

The Taxation of Medical Marihuana: Goods and Services Tax, Harmonized Sales Tax and Provincial Sales Tax (British Columbia)

Alistair G. Campbell

A.     INTRODUCTION   The purpose of this paper is to address the application of the federal Goods and Services Tax (“GST”), Harmonized Sales Tax (“HST”) and British Columbia provincial sales tax (“PST”) to sales of medical marihuana.[2] …

International and Interprovincial Tax Planning Issues for Individuals and Trusts

Nicholas P. Smith

I.     INTRODUCTION Planning for clients with assets and beneficiaries in multiple jurisdictions requires knowledge of residency and the deeming rules that could alter its common law meaning. The interprovincial source rules for the taxation of…