2016 BC Budget Update: Property Transfer Tax
On February 16, 2016, British Columbia Finance Minister Michael de Jong tabled the British Columbia budget for 2016. Included in the budget were changes to property transfer tax, which is generally paid whenever real property in the province is transferred...
Bill 137 – Children are no Longer a Purely Genetic Concept
In an effort to recognize same sex couples as well as the increasing use of assisted reproduction, the Ontario government has put forth a number of proposed amendments to Ontario statutes in Bill 137, An Act to amend the Children’s...
Finance Proposes Changes to the Taxation of Trusts and Estates and the Use of Charitable Donation Credits by Estates
Taxes and Wealth Management, February 2016
Finance Proposes Changes to the Taxation of Trusts and Estates and the Use of Charitable Donation Tax Credits by Estates
On January 15, 2016, the Department of Finance released legislative proposals to amend certain new rules in the Income Tax Act (ITA) that govern the income tax treatment of testamentary trusts, as well as spousal and similar trusts, which apply...
Providing Financial Support to a Disabled Person on Government Disability Assistance: Recent Regulatory Changes in British Columbia
Under the Employment and Assistance for Persons With Disabilities Regulation, B.C. Reg. 265/2002 (Regulations), a disabled person’s eligibility for government disability assistance (Eligibility) is dependent on several factors, including the assets they hold, their income, their receipt of cash gifts,...
Liberal Government Follows Through on Promised Tax Rate Changes
In a Ways and Means Motion passed by the House of Commons on December 9, 2015, the new government introduced the changes to tax rates promised during the recent federal election campaign. Although considerable attention was directed towards increased taxes...
Planning Opportunities for Dual EU and Canadian Nationals: The EU Succession Regulation
Taxes and Wealth Management, November 2015
Distributing an Interest in a Life Insurance Policy on a Corporate Wind-up
CALU InfoExchange, December 2015
Distributing an Interest in a Life Insurance Policy on a Corporate Wind-up
In a recent Interpretation (CRA Views No. 2015-0573841C6) (the “Interpretation”), the Canada Revenue Agency (“CRA”) discussed its position on a distribution of an interest in a life insurance policy from a corporation to a shareholder upon the corporation’s wind-up. The...
After-born Children: Succession Law and Posthumous Conception
To inherit, an individual must be alive at the death of his or her benefactor, or in utero and later born alive. This was historically quite an inclusive rule; however, reproductive technologies now make it possible for a child to...
