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Trust Reporting Season is Here: Your Primer on the New Requirements for 2023
Friday, February 16, 2024Ian SpiegelCorporate Law, Business Law, Tax and Estate Planning, Tax LawTrusts, Income Tax Act
On December 15, 2022, Bill C-32, the Fall Economic Statement Implementation Act, 2022, S.C. 2022, c. 19 (“Bill C-32”), received Royal Assent. Bill C-32 amended the...
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Court Provides Guidance on Testamentary Gifts Made to Defunct Organizations
Tuesday, January 9, 2024Ian Spiegel, Lynne WesterhofBusiness Law, Corporate Law, Tax and Estate Planning, Non-Profit and Charities
When an individual leaves a gift in their will to a charity that does not exist at the time of their death, the executor will often be...
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CRA Extends the Underused Housing Tax Deadline (Again) to April 30, 2024
Wednesday, November 29, 2023Ian SpiegelCorporate Law, Business Law, Tax and Estate Planning
On October 31, 2023, the Canada Revenue Agency (“CRA”) announced that owners affected by the Underused Housing Tax...
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No T3s for Registered Charities’ Internal Trusts
Monday, November 13, 2023Ian Spiegel, Lynne WesterhofCorporate Law, Business Law, Tax and Estate PlanningNot-for-Profit/Charities
After months of uncertainty for the charitable sector, the Canada Revenue Agency has confirmed that registered charities will not need to file a...
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Opportunity for Increased Tax Savings from Income Splitting with a 1% Prescribed Rate Loan
Thursday, July 30, 2020Lindsay Ann HistropCorporate Law, Tax and Estate PlanningIncome Splitting, Tax Savings
In this blog we will explain how you may be able to benefit from a 1% prescribed-rate loan to split income with certain family members who are taxed at a lower marginal rate.
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Tax Planning Opportunities in a Depressed Market
Monday, April 27, 2020Lindsay Ann HistropTax Law, Tax and Estate Planning, Corporate LawCapital Gains, Capital Losses, Income Splitting, Prescribed Rate Loan Structure
The recent decline in financial markets may present opportunities to obtain refunds of tax paid in prior years. They may also present opportunities for income-splitting if...
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COVID-19 Provides Rare Opportunity for an Estate Freeze
Monday, April 13, 2020William S. Bernstein, Lorne Saltman, James M. Parks, Greg Farano, Lindsay Ann HistropCorporate Law, Estate Planning, Income Tax Act, Tax and Estate Planning, Tax LawWills, Estate Freeze, COVID-19
COVID-19 has resulted in significant decreases to the value of many assets, including marketable securities, private businesses and real estate. This provides an opportunity to implement an estate freeze at low values, which allows for future savings in income tax.
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