Lift the tax burden

Article Abstract:

Canada's Finance Min Paul Martin should consider a substantial reduction in personal income taxes as he drafts the next budget, if Canada's economy is to be stimulated. An income tax reduction has a direct impact on economic activity that cannot be matched by a new program or the improvement of existing ones. A comparison of Canada's performance with that of the US during various economic cycles revealed that the growth in disposable income has been stalled in Canadian households, with their standard of living stagnating from 1990-1997 as that of Americans continues to improve.

Column, Tax abatement, Martin, Paul (Canadian government official)

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Widening the net

Article Abstract:

The Canadian federal finance department has released a draft legislation which addresses distributions from Canadian resident trusts to non-resident beneficiaries and the emigration of Canadian citizens owning certain trust interests. The proposed legislation also addresses the distribution of property from foreign trusts to Canadian resident beneficiaries, transfers of property to trusts where there is no change in beneficial ownership of the property, and the application of the 21-year deemed disposition rule to non-resident trusts.

Tax Law, Beneficiaries, Canada. Finance Canada

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Benefiting beneficiaries

Article Abstract:

The suggested repeal after 1995 of the preferred beneficiary election of Section 104 of the Income Tax Act of Canada, except in restricted situations, will encourage trustees of inter-vivos trusts to pay income to beneficiaries to avoid the high tax rate for an inter-vivos trust. The proposed amendment disqualifies a beneficiary under a trust from being a preferred beneficiary unless the beneficiary is mentally or physically disabled.

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