We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close
Focus On
In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

Tax

Latest

Friday, June 14, 2019 @ 9:31 AM

When a family trust is really a sham crossed_fingers_sm

Your client is the settlor of a family trust, one she claims was intended to be a gift to her children upon the last of the three children attaining the age of 30 years. The parties have separated. The wife maintains that the trust’s assets are neither hers’ nor her husband’s, but belong to the children who are the beneficiaries, and therefore do not form part of the net family property. The husband, who is the children’s father, counters that the trust is a sham that his wife uses to support the family’s lavish lifestyle whilst shielding the assets from forming part of the net family property. As a result, he argues, the trust should be considered so as to increase the equalization payment to him by approximately $10 million. ... [read more]

Wednesday, June 12, 2019 @ 8:14 AM

FEDERAL INCOME TAX - Computation of tax - Charitable donation

Appeal by the taxpayer from the dismissal of his appeal from reassessment disallowing deductions claimed as charitable donations made to an organization co-founded by the appellant’s brother. ... [read more]

Tuesday, June 11, 2019 @ 12:42 PM

Family business succession planning: A primer relay_race_sm

We are in the midst of the largest transfer of intergenerational wealth in our history. Nearly 60 per cent of owners of Canada’s small- and mid-sized businesses are now 50 or older. Further, four out of 10 entrepreneurs will exit their businesses in the coming years. ... [read more]

Monday, June 10, 2019 @ 9:11 AM

The uncertainty behind Ontario’s limitation period time_running_out_sm

The two-year limitations period under Ontario law has always contained a certain degree of variability because the two years is measured on the basis of discoverability. But a recent trend of case law from the Ontario Court of Appeal has infused uncertainty into the two-year claims bar, calling into question when two years really means two years. ... [read more]

Friday, June 07, 2019 @ 3:03 PM

CRA does little to protect us from identity theft skull and crossbones

Taxpayer data is some of the most sought-after information for cybercriminals. So what are the Internal Revenue Service and the Canada Revenue Agency doing to protect our sensitive information from being used to file a fraudulent tax return? A comparison between the two agencies shows a big gap when it comes to planning and strategizing ways to protect taxpayers from tax-related identity theft. ... [read more]

Friday, May 31, 2019 @ 9:05 AM

IRS moves its systems ahead 60 years Abstract tech

The Internal Revenue Service (IRS) in the U.S. is bringing its IT systems into the 21st century, which is good news for American taxpayers and Canadians who must file U.S. returns. It is also good news for tax lawyers and tax accountants. ... [read more]

Tuesday, May 28, 2019 @ 1:36 PM

The peril of family asset transfers | Dale Barrett

Most people don’t think twice before transferring assets between family members. Why would they? People deposit money into each other’s accounts. They put each other’s names on their properties in order to get mortgages. They sell assets to one another for one dollar. They move closely held company shares back and forth. And they inadvertently create massive tax problems for themselves, some of which are impossible to fix. ... [read more]

Monday, May 27, 2019 @ 10:37 AM

Non-resident executors: From ancillary grants to foreign trusts foreign_cash_sm

In our last article in this series, we talked about some of the tax and non-tax-related considerations that may arise when an estate has foreign executors or other legal representatives. Here are the remaining considerations. ... [read more]

Friday, May 24, 2019 @ 8:25 AM

The Coach: Succeeding through financial management | Gary Mitchell and Mayur Gadhia

How well can your law firm answer these three questions? What does your cash flow look like for the next week/month? How close to budget are your actual income and expenses? What is each lawyer’s realization rate/billable hours? ... [read more]

Tuesday, May 21, 2019 @ 2:16 PM

New tax partner for Gowling WLG’s Calgary office

Gowling WLG announced that Ted Thiessen has joined the firm’s tax group as a partner in Calgary.   ... [read more]