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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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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

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

Income Tax Folio S1-F2-C3, Scholarships, Research Grants and Other Education Assistance

Income Tax Folio S1-F2-C3, Scholarships, Research Grants and Other Education Assistance Series 1: Individuals Folio 2: Students Chapter 3: Scholarships, Research Grants and Other Education Assistance Summary This Chapter discusses the taxation of scholarships, fellowships, bursaries, prizes, research grants, certain government financial assistance for education and training, forgivable loans and repayable awards. Paragraph 56(1)(n) generally includes

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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 S3-F2-C1, Capital Dividends

Income Tax Folio S3-F2-C1, Capital Dividends Series 3: Property, Investments and Savings Plans Folio 2: Dividends Chapter 1: Capital Dividends Summary This Chapter discusses capital dividends and the capital dividend account (CDA). The CDA keeps track of various tax-freesurpluses accumulated by a private corporation. These surpluses may be distributed tax-free in the form of capital dividends to the

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Income Tax Folio S6-F2-C1, Disposition of an Income Interest in a Trust

Income Tax Folio S6-F2-C1, Disposition of an Income Interest in a Trust Series 6: Trusts Folio 2: Beneficiaries Chapter 1: Disposition of an Income Interest in a Trust Summary This Chapter discusses the disposition of an income interest in a trust and the circumstances under which the proceeds are required to be included in the

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Income Tax Folio S1-F5-C1, Related Persons and Dealing at Arm’s Length

Income Tax Folio S1-F5-C1, Related Persons and Dealing at Arm’s Length Series 1:  Individuals Folio 5:  Transfers of Income, Property or Rights to Third Parties Chapter 1:  Related Persons and Dealing at Arm’s Length Summary This Chapter discusses the criteria used to determine whether persons deal with each other at arm’s length for purposes of

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