Potential double taxation arising from deemed disposition

By David Rotfleisch ( February 17, 2022, 8:55 AM EST) -- Paragraph 70(5)(a) of the Income Tax Act stipulates that when a Canadian taxpayer dies, all owned capital property is deemed to have been sold immediately prior to death for proceeds equal to the fair market value of the property. This is called the “deemed disposition” and it occupies the minds of Canadian tax lawyers and Canadian estate planning lawyers alike....