Inconsistency in CRA policy for dividends paid to a deceased beneficiary

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A recent article discussed taxation anomalies that occur due to timing differences between when a trust receives a dividend and subsequently pays and allocates a dividend to a beneficiary. CRA view 2016-0647621E5 provides that when a trust receives a dividend in the year and subsequently pays and allocates the dividend to a beneficiary in the same year, the allocation of the dividend for tax purposes occurs on December 31 of the year because….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues

Thank You Carers

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May is National Caregivers Month. Now more than ever, the challenge of being a caregiver feels more of a ‘challenge’ than any other word that I can think of. It can be joyful, rewarding, an honor, an opportunity and an obligation. Caregivers come in all shapes and sizes and age.  There are young carers  who are children themselves and they are the ones looking after a sibling or a parent…..

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Elder Care, Uncategorized

Tips on Bringing a Passing of Accounts Application – Part 2

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In my blog Tips on Bringing a Passing of Accounts Application of March 5, 2021, I provided suggestions on preparing the accounts and drafting the court required documents when bringing an application to pass accounts (the “Passing Application”).[1]  In  today’s blog, I will share some tips on the next steps in the process. Initiating the Passing Application The Passing Application is initiated by (i) obtaining a hearing date for the passing….

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Passing Of Trustees’ and Executors’ Accounts

LES FIDUCIES ALTER EGO COMME OUTILS DE PLANIFICATION

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Negar Pishva, Conseillere en Successions & fiducies, Gestion de patrimoine Scotia  Nous parlons tous à nos clients de l’importance de la planification successorale et de la planification dans l’éventualité d’une incapacité à gérer leurs avoirs. Nous parlons de long en large du maintien de niveau de vie du conjoint survivant, de la distribution aux enfants, des mécanismes à notre disposition pour protéger les héritiers ainsi que le capital. Nous faisons….

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Uncategorized

Audio Recordings in a Guardianship Application; Think Twice Before Pressing Record

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In the recent guardianship case, Rudin-Brown v. Brown, the court considered whether to admit into evidence recordings made of an incapable adult’s telephone conversations. Carolyn was found to be incapable in 2018.  In 2016, Carolyn signed new power of attorney documents for personal care and property (“2016 Powers of Attorney”) appointing her son, Gordon as her attorney in both documents.  Her daughter, Missy, sought an order that the 2016 Powers….

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Powers Of Attorney and Guardianship Disputes

What is a Reasonable Error

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Further to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution  to a TFSA or RRSP resulted from a reasonable error under the applicable sections of the Income Tax Act (“ITA”). With regard to TFSA’s, it would be for….

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Estate Planning, In the News, Investments, Property, Tax Issues, Uncategorized
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