O'Sullivan Estate Lawyers LLP
Our Mission: Excellence in providing trust and estate solutions in a responsive and personal manner to carry out your objectives and ensure your peace of mind.

May 2017 Archives

The New Non-Resident Speculation Tax and Estate Planning and Administration: What You Need to Know

The Ministry of Finance recently introduced a 15% tax on the purchase or acquisition of a residential property in the Greater Golden Horseshoe by individuals who are not citizens or permanent residents of Canada or by foreign corporations or taxable trustees. The new Non-Resident Speculation Tax ("NRST") is in addition to the Ontario and Toronto land transfer taxes. Although the NRST is subject to the approval of the legislature, it is currently in effect and applies to any agreements of purchase and sale entered into after April 20, 2017.

The Principal Residence and Capital Gains Tax - New Rules, New Pitfalls

Most taxpayers know that when you sell an asset which has increased in value, the federal Income Tax Act provides that you will generally be liable for capital gains tax on the net increase in value, unless there is an applicable exemption. One exemption from capital gains tax is for a principal residence. In October of 2016, the federal government introduced draft legislation to amend the rules to restrict the application of the principal residence exemption. The amendments are aimed at stopping non-residents of Canada and real estate developers from unreasonably claiming the exemption. However, the amendments can also affect anyone who currently has or may wish to have a trust which holds a residence for a beneficiary, whether or not they are tax resident in Canada.

Tax Reform Revealed: Will the U.S. Become the Best Next Tax Haven?

On April 26, 2017 with great fanfare the White House announced bold proposals for tax reform, the primary objective of which is to stimulate economic growth. These reforms could be a real game-changer if they succeed in creating new jobs, fueling economic expansion, and making the U.S. more competitive - and dare I say it ...making America great again.

We are a top-ranked and peer recognized firm, including Margaret O’Sullivan by Chambers Canada Guide 2017 and Chambers Canada High Net Worth 2016 as one of the top six private client lawyers in Canada:

  • Top Ranked Canada Chambers 2017 Margaret O'Sullivan
  • Margaret R. O'sullivan 2016 | Listed in Best Lawyers CANADA
  • Canadian Legal Lexpert Directory
  • The Law Reviews | Expert Panel 2015
  • Step | Canada | Advising Families Across Generations
  • Top Ranked HNW Chambers 2016 Margaret O'Sullivan
  • Recognised in WHO'SWHOLEGAL | WWL
back to top