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January tax news: Rules for associated corporations, lending to adult children—and more

ASSOCIATED CORPORATIONS Under the Income Tax Act, there are various rules pertaining to relationships between taxpayers, including individuals, trusts, and corporations. For example, there are rules that apply to “related” persons, “non-arm’s length” persons, “affiliated” persons, and “associated” corporations. The rules are generally restrictive in nature, and the tax policy reasons for the rules are […]