Author: Simon Zhong

Available for use: generally, an asset is considered to become available for use and eligible for capital cost allowance (CCA) and investment tax credit at the earliest of:

A motor vehicle is an automotive vehicle designed or adapted for use on highways and street. A motor vehicle does not include a trolley bus or a vehicle designed or adapted to be operated only on rails.

You are a CPP working beneficiary if you meet all of the following conditions:

A preferred beneficiary is a person resident in Canada who is a beneficiary under the trust at the end of the year, and who meets one of the following conditions:

A will is a legally enforceable documents that declares the intentions about disposal and administration of the testor’s estate after his or her death. It is effective only at death and can be revoked at any time before death.

Beneficiary includes the person for whose benefit the trust is created, the person to whom the amount of an insurance policy or annuity is payable, or the unit holder of a mutual fund trust.

A settlor generally means the person who set up a trust by contributing property to the trust. In the case of a preferred beneficiary election, a settlor is restricted to a person who is otherwise the settlor of the trust and has contributed the majority of property to the trust.