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C

Capital

With reference to a trust, the principal upon which income is earned. Also called corpus.


Capital cost allowance

A prescribed amount claimed on depreciable property acquired for the purpose of producing income and deducted from income from a business or property. Effectively, it allocates the cost of assets over the useful life of the asset.

Capital gain

A gain arising on the disposition of capital property calculated by
subtracting the adjusted cost base of capital property plus the cost of disposing of the property from the value of the property at the time of its disposition.

Capital loss

A loss arising on the disposition of capital property, generally, the excess of the adjusted cost base over the proceeds of disposition of the property, less the costs associated with disposing of the property.

Capital property

Generally, depreciable property and property in relation to which a gain or loss on disposition of the property would be a capital gain or a capital loss. Capital property may be any kind of property but does not include inventory of a business.

CCRA

Canada Customs and Revenue Agency.


Certified cultural property

An artwork, artifact, or structure that, if approved by the Canadian Cultural Property Export Review Board, qualifies for special tax treatment when donated to a qualified charity.

Charge on land

In the Land Title Act, an estate or interest in land less than the fee simple. Includes encumbrances such as judgments, mortgages, and liens. Charges may be registered against title to land in the Land Title Office.


Charitable donations

Gifts made to registered charities.

Charitable Remainder Trust

Charitable remainder trust. An irrevocable trust that pays income to one or more individual beneficiaries for life or a term of years, and then distributes the remaining assets to one or more charities.

Conservation covenant

A voluntary, written agreement registrable against title to land under section 219 of the Land Title Act made between a landowner and a covenant holder covering all or part of a parcel of property in which the landowner promises to protect the land as provided in the covenant.

Covenant

In real property law, a promise made by a landowner, the covenantor, to another, the covenantee, to do, or not do, something in relation to his or her land. Such promises take the form of voluntary, written agreements. See also Restrictive Covenant.


Covenant holder

Also covenantee. A person for the benefit of whom a covenant is made.


Crown

The formal head of state of Canada. Commonly refers to the federal or provincial government, and may include municipal government and/or their agencies.

Crown land

Land owned by the Crown. Also known as public land. Crown land may be held by either the federal or provincial government.


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