William J. Fowlis, QC, FCPA, FCA, TEP, FEA

Partner | Calgary

403.298.2413

Portrait of William J.  Fowlis

Update on Bill C-208; New taxation rules impacting transfers of family businesses to the next generation

In our previous article on this topic, we discussed Bill C-208 (the “Legislation”), a Private Member’s bill that amends the Income Tax Act[1] (the “Act”) to change certain rules in sections 55 and 84.1 of the Act to facilitate intergenerational...

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New taxation rules impacting transfers of family businesses to the next generation; Everything you thought you knew about intergenerational transfers is now wrong

Owners of family small business corporations, family farming and fishing corporations, especially those contemplating intergenerational transfers of those businesses, should take note of a significant change to Canada’s tax laws designed to “level the playing-field” between related-party and arm’s-length transfers....

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William Fowlis quoted in The Globe and Mail’s Family Business Report

The Globe & Mail (Sponsored Content), "Trust and estate practitioners play critical role in family business succession planning"

William Fowlis is quoted in The Globe and Mail’s Family Business Report: Running a family business involves intricate teamwork by a group of family members collaborating in lockstep for the good of the entire enterprise. It also requires advisors working...

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Restarting the clock on a trust’s 21-year deemed disposition: The Coronavirus (COVID-19) economy may be the right time

An estate freeze is an effective mechanism used in estate and succession planning for owners of privately held corporations or for investors with investment portfolios.  An estate freeze normally contemplates the current shareholder/owner being issued fixed value preferred shares in...

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A New Era of Private Corporation Tax Rules – Part V

It has been just over a year since the federal Department of Finance (“Finance”) released revised draft amendments to the tax on split income (“TOSI”) rules in section 120.4 of the Income Tax Act (Canada) (the “Act”) that “simplified” the...

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A New Era of Private Corporation Tax Rules – Part IV

On June 21, 2018 Bill C-74, An Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures (“Bill C-74”) received Royal Assent. Bill C‑74 includes various amendments to the Income Tax Act...

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A New Era of Private Corporation Tax Rules – Part III

Just over a year ago, Budget 2017 announced that the Government was reviewing the taxation of private corporations. A consultation paper and draft legislation were released on July 18, 2017, which included amendments to section 120.4 of the Income Tax...

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A New Era of Private Corporation Tax Rules – Part II

The announcement in Budget 2017 that the Government was reviewing tax reduction strategies using private corporations created uncertainty and much speculation. On July 18, 2017, draft legislation (the “July Proposals“) was released, which proposed to amend many sections of the...

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A New Era of Private Corporation Tax Rules – Part I

As people start to get back to their normal routines after the holidays and catch up on news they may have missed between school holiday concerts, client or work events and family commitments, they may have noticed that the Department...

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Proposed Amendments to the Taxation of Private Corporations – Where Are We Now?

The July 18, 2017 proposals of the Minister of Finance generated a lot of discussion and debate last summer among tax practitioners, professionals, business owners and the general public. Over the course of the consultation period, the Department of Finance...

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Recent Jurisprudence Regarding the Provincial Residency of Trust in Canada

Abstract The jurisdiction in which a trust is resident is relevant for Canadian federal and provincial tax reasons because a trust pays income tax to whatever country and province that the trust is resident in. 2012 decision of the Supreme...

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Post Mortem Planning for Private Corporation Shares

STEP Inside Newsletter, Vol. 14, No. 2, May 2015

Read the full article.

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Tax on Corporate Transactions in Canada

Practical Law (a Thomson Reuters publication)

Chapter in Tax on Transactions Multi-jurisdictional Guide.

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Current Changes to Testamentary Trusts and Continuing Advantages

The 2014 Federal Budget proposes to introduce a number of significant changes to the taxation of trusts and estates which will fundamentally change the landscape of estate planning. The Department of Finance (the “Department”) proposed these changes to eliminate the...

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Surplus Stripping: Is the Pipeline Leaking Again?

On April 25, 2013, the Federal Court of Appeal (“FCA”) released its decision in the case of MacDonald v. R (2013 FCA 110) (“MacDonald”). Unfortunately for the taxpayer, the FCA in a unanimous decision overturned the decision of Justice Hershfield of...

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Beneficial Ownership Test For Tax Treaty Benefit Entitlement

In Velcro Canada Inc. v. Her Majesty the Queen  (2012 TCC 57), the Tax Court of Canada (the “TCC”) applied the test of beneficial ownership as established by the Federal Court of Appeal in Prévost Car Inc. v. Canada (2009...

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U.S. Tax and Filing Obligations for Canadians*

Canadian individuals are well aware of the April 30 tax filing deadline for Canadian income tax returns.  However, many Canadians may not be aware of the earlier April tax filing deadline of April 15 for United States tax purposes.  A...

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Federal Budget Review

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2011 Federal Budget – Focus on Anti-Avoidance Rules

On June 6, 2011, the Minister of Finance Jim Flaherty reintroduced the 2011 Federal Budget (the “Budget”) which was originally tabled on March 22, 2011 without any substantive changes to the tax measures. Planning for tax avoidance is a legitimate...

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International Tax: Corporate Residency – A New Approach to the Application of Central Management and Control

The recent decision of the Tax Chamber of the United Kingdom in Laerstate BV v. HMRC [2009] UKFTT 209 (TC) has caused a stir on both sides of the Atlantic ocean for those interested in corporate residency matters. While not...

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The Reversionary Trust Rule Contained in the Income Tax Act (Canada) – Operation of the Rule and Guidance Provided by Recent Jurisprudence

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Regulation 105 and Related Cross-Border Withholding Tax Issues

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Health and Welfare Trusts

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New Draft Income Tax Legislation Respecting Non-Competition Covenants and Other Restrictive Covenants

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Third Party Civil Penalties – The First Interpretive Views from the Canada Customs and Revenue Agency (“CCRA”)

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Non-Resident Trusts and Foreign Investment Entities

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General Description of the Taxpayer Migration Rules

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Separate Capital Cost Allowance Class Election For Manufacturing and Processing Equipment

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