110.6

Case Update: Laplante v. Canada, 2018 FCA 193 (Multiplying Capital Gains Exemptions)

Key Takeaway The decision in Laplante highlights a major pitfall that tax practitioners should be mindful of when advising clients on structures to multiply the lifetime capital gains exemption among family members. Family members who are allocated a capital gain to claim the lifetime capital gains exemption should be entitled to the money: they cannot […]

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Case Update: Laplante v. Canada, 2018 FCA 193 (Multiplying Capital Gains Exemptions)

Key Takeaway The decision in Laplante highlights a major pitfall that tax practitioners should be mindful of when advising clients on structures to multiply the lifetime capital gains exemption among family members. Family members who are allocated a capital gain to claim the lifetime capital gains exemption should be entitled to the money: they cannot

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IT-373R2-Woodlots

NO: IT-373R2  SUBJECT: INCOME TAX ACT Woodlots REFERENCE: Section 9 (also subparagraph 40(2)(g)(iii); paragraphs 12(1)(g), 18(1)(a) and 18(1)(h); subsections 18(2), 28(1), 70(9), 70(9.1), 70(9.2), 70(9.3), 73(3) and 248(1); and sections 31, 43, 46, 54, 67, 110.6 and 111) Application This bulletin is a consolidation of the following: IT-373R2 dated July 16, 1999; and subsequent amendments thereto.

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IT268R3- Inter vivos transfer of farm property to child

NO.: IT-268R3 DATE: February 13, 1987 SUBJECT: INCOME TAX ACT Inter Vivos Transfer of Farm Property to Child REFERENCE:  Subsections 73(3) and 73(4) (also sections 69, 75, 75.1, 80 and 110.6, subsections 40(1), 40(1.1), 70(9.6), 70(9.8), 70(10), 73(5), 100(2), 146(5.3), 146(5.4), 146(5.5), 248(1) and 252(1) and paragraphs 40(2)(b), 40(2)(c) and 54(g) of the Income Tax Act; subsections 20(1), 21(1), 21(2), 26(3), 26(5) and 26(19) of the Income Tax Application

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Income Tax Folio S1-F3-C2, Principal Residence

Income Tax Folio S1-F3-C2, Principal Residence Series 1: Individuals Folio 3: Family Unit Issues Chapter 2: Principal Residence Summary This Chapter discusses the principal residence exemption, which can eliminate or reduce (for income tax purposes) a capital gain on the disposition of a taxpayer’s principal residence. In order for a property to qualify for designation as the

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Income Tax Folio S4-F8-C1, Business Investment Losses

Series 4: Businesses Folio 8: Losses Chapter 1: Business Investment Losses Summary A taxpayer’s business investment loss is basically a capital loss from a disposition of shares in, or a debt owing to the taxpayer by, a small business corporation (SBC) where the disposition is: to an arm’s-length person; or one to which subsection 50(1) applies. One-half of this loss

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IT-504R2- Visual Artists and Writers

NO.: IT-504R2 (Consolidated)   DATE: See Bulletin Revisions section SUBJECT: INCOME TAX ACT  Visual Artists and Writers REFERENCE: Section 9 (also sections 67.1, 110.4, and 110.6, subsections 10(1), (6), (7), and (8), 18(12), 70(5), and 118.1(1), (6), (7), (7.1), and (10); paragraphs 8(1)(j), 8(1)(q), and 69(1)(b) of the Income Tax Act and Parts XVIII and XXXV of the Income Tax Regulations) Visual

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IT-504R2(C)-Visual Artists and Writers

  NO.: IT-504R2 (Consolidated)   DATE: See Bulletin Revisions section SUBJECT: INCOME TAX ACT  Visual Artists and Writers REFERENCE: Section 9 (also sections 67.1, 110.4, and 110.6, subsections 10(1), (6), (7), and (8), 18(12), 70(5), and 118.1(1), (6), (7), (7.1), and (10); paragraphs 8(1)(j), 8(1)(q), and 69(1)(b) of the Income Tax Act and Parts XVIII and XXXV of the Income Tax Regulations)

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IT278R2- Death of a Partner or of a Retired Partner

NO: IT-278R2 DATE: September 26, 1994 SUBJECT: INCOME TAX ACT Death of a Partner or of a Retired Partner REFERENCE: Section 98.1 (also sections 34, 43, 98.2, 110.6, subsections 40(3), 53(1), 53(2), 70(2), 70(3), 70(5), 70(6), 96(1), 96(1.1), 96(1.3), 96(1.5), 96(3), 100(2), 100(3, 150(4), 159(5), 159(5.1) and paragraph 12(1)(l) of the Income Tax Act, and subsections

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