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Trusts and Attribution The attribution rules for trusts, transferors, and so on are given in Subsections 74.1(1) and 74.2(2) of the Canadian Income Tax Act (“ITA”). These rules are meant …
TRUSTS & ESTATES: Transferring assets to your spouse or children Read More
Classification of Trusts 1. Testamentary Trusts The Income Tax Act in Canada defines a testamentary trust as a trust or estate that is formed consequent to the death of a tax-paying …
Trusts and Estates: Different Types of Trusts in Canada Read More
Rates of Tax Under s. 117, Income Tax Act in Canada (the “ITA”), a testamentary trust is subject to tax, at the same graduated rates as an individual, while the …
The Taxation of Trusts: Understanding Rates of Tax Read More
Rollovers According to the Canadian Income Tax Act there are two circumstances under which death need not bring forth a deemed realization of non-depreciable capital property or depreciable capital property: …
Unlike some other countries in the world, Canada does not impose taxes on wealth or the value of an inheritance upon death; but in its place Canada taxes the deceased’s income for …
