Estate Administration – Page 62

TO ADVERTISE, OR NOT TO ADVERTISE – THAT IS THE BLOG FOR TODAY

Corina Weigl • December 9, 2016

When an individual dies with debts, it is the obligation of the executor to determine the extent and veracity of those debts and to take steps to satisfy them. If an executor distributes the assets of the estate without taking appropriate steps to address outstanding debts, s/he may be personally liable to satisfy them. ….

TO ADVERTISE, OR NOT TO ADVERTISE – THAT IS THE BLOG FOR TODAY Continue Reading »

Estate Administration, Executors

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX

Steven Frye • December 6, 2016

Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »

The OPGT and the Case of the Missing Estate Trustee

Gillian Fournie • November 29, 2016

As regular readers of this blog well know, not everyone dies with a will. When this happens, the Succession Law Reform Act (Part II) sets out who are the beneficiaries of the estate, while the Estates Act (section 29) ranks in order of priority who may apply to be estate trustee. This statutory system works well, until no one wishes to step into the role of estate trustee. When that….

The OPGT and the Case of the Missing Estate Trustee Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Executors, Family Conflict

Stock options held at death

Derek de Gannes • November 22, 2016

The Department of Finance released a Notice of Ways and Means which included amendments to the tax rules of interest to executors. On such amendment dealt with the security option benefit of the deceased.
….

Stock options held at death Continue Reading »

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

TFSA’s – a refresher on the Rules

Steven Frye • November 15, 2016

Borrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules surrounding tax free savings accounts (“TFSA”) Contribution room for an individual’s TFSA is the total of the TFSA dollar amount for the year, unused room from prior years and withdrawals from the TFSA in the prior year. Note a withdrawal is a….

TFSA’s – a refresher on the Rules Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee

LATE FILED ELECTION TO SPLIT PENSION INCOME

Steven Frye • November 1, 2016

While we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you late file the elections and will the CRA accept them and re-assess accordingly? Recently the CRA was asked to comment….

LATE FILED ELECTION TO SPLIT PENSION INCOME Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, Trustee