What is the effect of subsection 160(1) of the Financial Conduct Authority (FCA) on the transfer of assets between spouses?
Canada (Federal), Canada
The following excerpt is from Williams v. Canada, 2002 FCA 380 (CanLII):
The purpose of subsection 160(1) is to prevent taxpayers from avoiding the collection of taxes owed by transferring their assets to their spouse or other related persons (see Medland v. R., [1999] 4 C.T.C. (FCA) at page 300.
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