October 2016 Newsletter

The Federal government first announced these changes in the 2014 Federal Budget. The changes are now in draft legislation form. They generally take effect on January 1, 2017.

As discussed below, there are essentially three ways you can realize a foreign exchange (FX) gain or incur an FX loss.

There are numerous tax consequences that occur as a result of the acquisition of control of a corporation. (We use the term “acquisition of control” and “change of control” synonymously.)

Mutual funds can be structured either as trusts or corporations. Most are trusts, but a significant number are corporations.

The 2016 taxation year saw some significant changes to the taxation of testamentary trusts.

A testamentary trust is generally one that results as a consequence of your death, including your estate and a trust created under your will. On the other hand, an “inter-vivos” trust is generally a trust created during your lifetime.

Charity registration revoked even though it helped to prevent poverty

Getting a charity registered for income tax purposes has obvious benefits. A registered charity pays no income tax. Donations to the charity are encouraged through the tax system, as they earn either a tax credit (individuals) or deduction (corporations).