Articles

Transferring property from personal ownership or one corporation to another in Canada can trigger capital gains tax on the perceived sale to the corporation at fair market value. Section 85 of the Income Tax Act offers a solution by enabling property transfers to Canadian corporations without immediate taxable gains.

Foreign Income Verification –All taxpayers (individuals, corporations, partnerships, and trusts) who, at any time during the year, owned specified foreign property with a total exceeding cost of $100,000 (Canadian) must file Form T1135- Failure to file results in punitive penalties; therefore, it is essential to understand the requirements to file Form T1135.