Dividends to individuals and trusts
In June 2006, the federal government released draft legislation containing proposals to reduce the tax rate on certain dividends received after 2005 by individuals and trusts. Under this draft legislation, only “eligible dividends” qualify for the reduced effective tax rates. The draft legislation sets out rules for determining whether a corporation’s dividends are eligible, and those rules differ depending upon the status of the corporation, that is whether it’s a Canadian-controlled private or public corporation. The dividend-paying corporation is responsible for determining whether a dividend is eligible.
These new dividend tax rules have already been implemented by Canada Revenue Agency and Revenu Quebec.
All dividends paid by Co-operators General Insurance Company to individuals and trusts are eligible dividends with respect to these new reduced tax rates.
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Vice-President, Corporate Finance Services