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ARTICLE · 04 FEBRUARY 2016

Finance Releases Draft Legislation Affecting Estate Donations

Miller Thomson
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On January 15, 2016, the Department of Finance released draft legislation that proposes to amend the rules in the Income Tax Act (ITA)...

CanadaCorporate/Commercial Law
Nicole D'Aoust
Nicole D'Aoust
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On January 15, 2016, the Department of Finance released draft legislation that proposes to amend the rules in the Income Tax Act (ITA) that deal with whether donations of property by estates are exempt from capital gains tax as well as how estates are permitted to use charitable donation tax credits (CDTCs).

The legislative proposals specifically deal with donations made by estates that are no longer graduated rate estates (GREs).  Generally speaking, a GRE is an estate that has been specifically designated as a GRE and that meets certain other technical requirements.  The estate will remain a GRE for the 36-month period following the death of the particular individual, during which time certain tax benefits are conferred on the GRE.

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