Paying Tax on Sales that Never Happened
The Canadian tax system sometimes plays make-believe by acting as though things that never really happened, happened. The Income Tax Act calls this make-believe “deeming”. For example, you are deemed to have sold (and received proceeds of the sale) whenever you give someone a (non-cash) gift. This can give rise to tax. Similarly, when you die, you are deemed to have sold all of your assets and your estate becomes liable for the taxes owed on the proceeds of a sale that never actually happened. Learn more in our Tax Talk article by clicking here.
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