Ademption: Beware the Potential Failure of Gifts
Introduction Professionals involved in the preparation of Wills should be made aware of the potential consequences of the doctrine of ademption. Put simply, the doctrine provides that you cannot bequeath what you do not own. For example, if a testator’s Will...
Charitable Sector Measures
Changes Affecting Charities and Non-Profits The 2011 Budget proposes numerous changes that will affect charities, qualified donees and other non-profits, and donors. A summary of these changes is below. For a more detailed review of these changes, see the Budget...
Federal Budget Changes the Rules Related to Donations of Publicly Listed Flow-Through Shares
In a surprise step, the Federal Government has proposed to limit the availability of the exemption from tax on capital gains where the donated shares are shares acquired pursuant to a flow-share agreement on or after Budget day. The limitation...
Introduction
2011 Federal Budget Minister of Finance Jim Flaherty today tabled the 2011 Federal Budget (the “Budget”) entitled “A Low Tax Plan for Jobs and Growth”. We are pleased to provide our summary of tax measures contained in the Budget. There...
Business Tax Measures
Manufacturing and Processing Sector: Accelerated Capital Cost Allowance As part of its plan to continue to stimulate the Canadian manufacturing sector, the Federal Government proposes to extend certain incentives related to the acquisition of machinery and equipment. Currently, machinery and...
Customs Tariff Measures
IN THIS SECTION: Customs Tariff Simplification Facilitating Low Value Imports Customs Tariff Simplification The Federal Government announced the initiation of a process to simplify the Customs Tariff in order to facilitate trade and lower the administrative burden for businesses. This...
Budget Gives Charity Governance Control to CRA
The Government believes that there is a pattern of the same individuals being involved in multiple abusive charities. However, the Budget materials admit that under the current rules the CRA may be unable to refuse registration even if there is...
Impact of Budget 2011
The 2011 Federal Budget (the “Budget”) contains a number of anti-avoidance measures described below. It does not contain any measures designed to assist with charitable giving or to lessen the regulatory load on Canadian charities. Rather the changes proposed are...
Tax Consequences of Returning Gifts
Occasionally a charity or a donor will want to return a gift. For example, a charity may wish to return a gift to a donor whose association with the charity may harm the charity’s reputation or where the gift turns...
Personal Tax Measures
IN THIS SECTION: Children’s Arts Tax Credit Volunteer Firefighters Tax Credit Family Caregiver Tax Credit Medical Expense Tax Credit for Other Dependants Child Tax Credit Eligibility Tuition Tax Credit – Examination Fees Education Tax Measures – Study Abroad RESPs –...
