In my November, 2016 Newsletter I set out some changes in the tax system that needed to be acted upon before the end of the calendar year. But there are some other changes that also affect us going forward. Principal Residence Rules As most of you know, there is no taxable capital gain when a principal residence is sold. Although the principal residence exemption is not being repealed, there are some significant changes effective January, 2017. Designation In the past, it wa
Sub nom "Aside from that Mrs. Lincoln, how did you enjoy the play?" There has been much discussion lately about the proposed changes to Section 55 of the Income Tax Act (the "Act"). The proposed changes were introduced in 2015 and in the 2016 Budget the Government indicated its plan to move ahead with the changes. The changes will apply to any dividends paid after April 21st, 2015. Section 55 is an anti-avoidance provision that is intended to prevent "capital gains stripping"