At its core, the pipeline contains a simple strategy: pay taxes on capital gains rather than on dividends. After the 70(5) deemed disposition due to A's death, the shares are held by the Estate. Because A has paid taxes on the accrued gains, the Estate acquires the shares with an increase to the cost-base up to the amount of tax paid.

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This article, originally published on December 1, has been updated as of 9:30 p.m., December 4, 2017. TORONTO, Dec. 4, 2017 – In a major shakeup of the mid-tier market in Canadian accounting, RSM International has launched RSM Canada, cleaving Collins Barrow Toronto from its national network. RSM International is the industry's sixth-largest ...

A tax clearance certificate is a document that the Canada Revenue Agency issues to the legal representative of a taxpayer, including a person, estate, trust or corporation, declaring that the income tax owing by the taxpayer and applicable interest and penalties have been paid. A tax clearance certificate is issued by the CRA pursuant to ...

The top reasons candidates struggle with Core 1 are: 1, it’s a fast-paced module; 2, the classes are self-led with little guidance; 3, the wide range of topics; 4, the time constraints of the cases; and 5, the challenge of finding 12-17 hours study time per week. Luckily, for every challenge, there is a solution.

Taxpayers that have an ongoing dispute with the CRA that will end up in Tax Court should always be represented by experienced Canadian tax counsel, but in order to take advantage of this new procedure this will be a requirement. And rightfully so, for there are some pitfalls, such as the fact that evidence given at a preliminary hearing can be ...

CPA Canada apologizes for technical challenges. TORONTO, September 16, 2019 – Chartered Professional Accountants of Canada is apologizing to all students who took the Common Final Examination for a series of technology failures that disrupted the writing of the CFE last week. Students in the CPA professional education program (CPA PEP) have ...

When it comes to the implementation of the tax planning advice, the tax lawyer will set up the corporations and draft the agreements, while the accountants will prepare the necessary tax election forms and any related tax returns. If there is a CRA challenge to the tax plan, or an income tax audit or a challenge to any tax plan that has been ...

Before discussing the case of Ifi v. Canada (Attorney General), 2020 FC 1150 [concluded in December 2020], an introduction to the underlying law is necessary to provide context. Tax-Free Savings Accounts (TFSAs) are popular savings and investment tools for Canadians. A taxpayer contributes to his or her TFSA using his or her after-tax income for the year.

THE Canada Revenue Agency (CRA) is set to pilot a new automatic tax filing system in 2024. The move toward automatic tax filing, first promised in the 2020 speech from the throne, is one of the several budget measures the Liberals say are meant to help Canadians with the cost of living. Automatic tax filing is already a reality in many other ...