At the 2020 Canadian Tax Foundation Roundtable (question 7), the CRA was asked about a cottage owned by an alter ego trust or a joint spousal trust trust. Can the children of the trust’s beneficiaries use the cottage without being…
Family law tax pitfalls
Alison Boyce tweeted today about an interesting article published recently in The National magazine. The article describes CBA efforts to convince the Department of Finance that it needs to re-visit the tax rules affecting shared parenting.
Spousal rollover
Tax Interpretations reports that the CRA believes it is possible to rollover property to a common-law spouse under section 73 of the ITA or the RRSP rollover rules pursuant to a written separation agreement. This is true, the CRA thinks,…
Spousal rollover busted
Mrs X dies leaving her common shares in the capital of Holdco to her husband. For some reason, the executors of her estate undertake a reorganization pursuant to s 86 of the Income Tax Act in which the common shares…