Articles 2023

Deemed realizations under the Income Tax Act (Canada) (ITA) can occur for a myriad of reasons.  Regarding trusts, the ITA may deem a realization to occur depending on the type of trust, and the happening of certain triggering events – most commonly death, emigration, or the expiration of a specified time period.  If nothing is done to plan for these rules, the deemed realization of the assets will result in the accrued gains on certain trust-held assets being subject to tax.   

This article explores the avenues taxpayers have to efficiently manage their tax disputes in two parts. The first part discusses whether to proceed through the CRA Appeals process. The second part will discuss the avenues available for an early resolution at the Tax Court.

Following several other provinces, on October 1 2020, the Ontario government passed O/Reg 536/20: Personal Real Estate Corporations, under the Real Estate and Business Brokers Act, 2002, which provides that real estate salespeople and brokers may incorporate in Ontario. Incorporation allows a real estate professional to have their self-employed revenue paid directly into their personal real estate corporation, offering some tax advantages.

This article discusses how section 116 applies to the estate of a non-resident, where the estate itself is resident in Canada.

This article reports on recent CRA policy regarding the interaction between the Indian Act and the Canada Recovery Benefits Act.

This article reviews the recent Tax Court of Canada case Landbouwbedrijf Backx B.V. v. The Queen.

Jenny Mboutsiadis is a tax partner at Fasken.  Prior to joining Fasken Jenny spent 11 years at the Department of Justice. 

On November 30, 2020, the Government released its Fall Economic Statement 2020 titled: Supporting Canadians and Fighting COVID-19. The Statement includes proposals that will impose significant obligations on e-commerce businesses and businesses that import goods into Canada.

On September 14, 2020, the Federal Court of Appeal (“FCA”) released its decision in Gladwin Realty Corp. v Canada, 2020 FCA 142. The FCA dismissed the taxpayer’s appeal and affirmed the Tax Court of Canada (“TCC”) holding that the General Anti-Avoidance Rule (“GAAR”) applied to the tax plan orchestrated by the taxpayer.

When parties decide to separate, there are a number of decisions that need to be made. Often, the parties are focused on making life-changing decisions such as making new living arrangements, settling on custody and access rights, figuring out what their new lives will look like, taking into account support payments and the division of marital assets. However, the same decisions and agreements made following a separation can affect their tax and financial well being for years to come.