Additional Defences for Non-Arm's Length Property Transfers
Many clients are not aware that subsection 160(1) of the Income Tax Act imposes joint and several liability for tax on certain transfers of property between persons who do not deal at arm's length with each other. Both the transferor and the transferee can be held jointly and severally liable for the transferor's taxes. There are several additional types of defences that Our Team has effectively used to help clients in dealing with the CRA regarding subsection 160(1) assessments. To access Part 2 of our latest Legal Business Report in this area, click here.
Alpert Law Firm are the Tax Law Professionals, with over 40 years' experience in winning leading cases and a reputation for getting excellent results for your clients. Howard Alpert, C.S. is certified by the Law Society as a Specialist in Taxation Law. Andrew Peddle M.B.A. J.D. is an associate lawyer specializing in tax dispute resolution, tax litigation and taxation and estate planning services. Our Team has superior case management skills and achieves the most favourable resolution of disputes for our clients, whether through negotiating timely and reasonable settlements or by vigorous representation in court. For more information on our Tax Dispute Resolution services, click here.
Joint Tenancy Tax Planning
Many clients are not aware that there are both tax and non-tax considerations when changing the ownership of a property into joint tenancy. When implemented properly, holding property in joint tenancy can reduce liability for Estate Administration Tax, particularly in the case where the joint tenants are spouses. To read our newest newsletter on this topic, click here.
Alpert Law Firm assists entrepreneurs and family businesses to develop and implement long-term strategic wealth preservation objectives directed towards the inter-generational transfer of assets in a prompt and cost-efficient manner. Howard Alpert, C.S. has been certified by the Law Society as a Specialist in Taxation Law and is recognized as an expert in Estates and Trusts Law. For more information on our Estate Planning services, click here.
Freeze Your Assets
Wealth preservation often involves the creation of holding companies, a corporate reorganisation and the implementation of an estate freeze. Such planning regularly requires the preparation of wills, trusts, powers of attorney, living wills and property transfers. Howard Alpert, C.S. is certified by the Law Society as a Specialist in Taxation Law and as a Specialist in Corporate and Commercial Law. Howard is also recognized as an expert in Estates and Trusts Law. Our Team provides tax and corporate advice to develop plans that reduce and defer tax, preserve value and maintain the financial well-being of heirs.