Trap 3 – Tainting for Life
Friends, Jesse and Skylar, are 50% shareholders in a property development company called...
This blog is Part 1 of 2 on traps that arise when land transactions involve “associated persons”. By way of background, both the Income Tax Act and the Goods and Services Tax Act have definitions of associated persons and special rules that apply to transactions between associates.
Property dealers, developers and investors are often party to transactions with associated persons (e.g. restructuring ownership of existing property).