Total 493 Posts
In my previous blog post, I discussed the “what” and “why” of a passing of accounts. In this blog, I will provide a quick refresher on the technical process for a passing of accounts….
PASSING OF ACCOUNTS – PART II “HOW IS IT DONE?” Continue Reading »
Estate Administration, Passing Of Trustees’ and Executors’ AccountsRecently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….
ATTRIBUTION RULES AND PLANNING REVISITED Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, TrustsCommunication is often the key to a successful relationship. This holds true for discussions held between parents and their adult children but when it comes to ‘having the talk’ about aging and caring, there seems to be a broken telephone………
Family Conversations and Broken Telephone Continue Reading »
Elder Care, Estate Administration, Estate Planning, Power of AttorneyIn a recent episode of the Starz TV show The Girlfriend Experience, an unusual estate administration issue arose (mild spoilers ahead). The show tells the story of Christine Reade (Riley Keough), a law student and intern who secretly moonlights as a high end escort in Chicago (a thinly disguised Toronto serves as the shooting location). One night, Christine gets a call from Peter Gramercy, a lawyer for the estate of one….
Is a gift in a will to a fake name valid? Continue Reading »
Estate Administration, Estate LitigationRecently, a fellow blogger wrote about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the form of a dividend. In this sense, the use….
Post Mortem Pipeline Planning – Business Continuity Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Property, Real Estate, Succession Planning, Tax IssuesFamily feuds are routinely unpleasant and usually ugly. Unfortunately, estate disputes prove the rule. Passions and emotions are inflamed and sound judgment is often in short supply. However, warring litigants who look to the court for absolution or vindication are often sorely disappointed…..
