By Esther Carenza ( February 13, 2023, 11:19 AM EST) -- Currently, s. 2(1) of the Income Tax Act RSC 1985 c. 1 (5 Suppl.) states that “income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.” Taxes are paid on the disposal of a capital property or with the distribution of all or a portion of its income or capital to its beneficiaries....