Estate Administration

Total 493 Posts

Estate Planning – Can You Just Give Some of it Away?

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A recent article in the press reminded me of a trend in estate planning which appears to be taking more favor in recent times. It is not very complicated, can lead to considerable tax savings and other benefits while you are with the living. I am referring to the gifting of cash or assets during your lifetime. Many people who consult me and other members of my practice are often….

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Charitable Giving, Estate Administration, Estate Donations, Estate Planning, Investments, Probate Tax, Tax Issues, Uncategorized

“Survivor Payment” from a TFSA to a Spouse who was not the Designated Beneficiary

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In Technical Interpretation 2016-0679751E5 the CRA considered whether a survivor payment could be made out of deceased’s TFSA to the deceased’s spouse, in circumstances where the spouse was not the designated beneficiary of the TFSA. In this case, the executor wished to satisfy a legacy to the deceased’s spouse out of the property of the deceased’s TFSA. The estate, and not the spouse, was the beneficiary of the TFSA. A….

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Estate Administration, Tax Issues

Exporting Canadian Art

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  [caption id="attachment_5287" align="aligncenter" width="527"] Lawren Harris, 1926. Sold in November 2016 for $11.2 million.[/caption] Like most countries, Canada has a cultural property regime designed to protect art and objects of cultural significance.  Inspired by UNESCO Convention (1970), cultural property must get clearance from the Canadian Cultural Property Export and Review Board (CCPERB) before it leaves the country.  Outdated elements of this important system are creating challenges for Canadian art….

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Estate Administration, Uncategorized

JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

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When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it transfers to that person when I pass away? Are there any implications? Technically speaking, “putting someone else’s name on a….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Interest, Investments, Joint Tenancy, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills

TAXATION OF DEPRECIABLE PROPERTY TRANSFERS INVOLVING TRUSTS

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Pursuant to a certain provision of the Income Tax Act (“ITA”), if in the transfer of depreciable property between related parties, the actual cost to the transferee would otherwise exceed the capital cost (for tax purposes) to the transferor, the capital cost to the transferee is limited to the sum of the capital cost to transferor and the transferor’s taxable capital gain on the property minus any related capital gains….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Real Estate, Tax Issues, Trusts

Principal residence and the change in use

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It is not unusual for find the value of a deceased’s home makes up a significant part of their net worth and estate value on death. Often there is an automatic reliance on the principal residence exemption to tax exempt the gain on the deemed sale triggered on death.  What if during the person’s life the property was used for other purposes such as a home office, or day care….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Property, Real Estate, Tax Issues
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