Estate Administration

Total 493 Posts

U. S. Estate Tax Closing Letter

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Canadian taxpayers are accustomed to receiving a notice of assessment after filing a tax return. In the federal context, a Notice of Assessment, is a statement from the Canada Revenue Agency notifying the taxpayer of among other items the amount of tax they owe, if any, the amount of tax already paid, if any, and tax credits received.

What if that return was a U. S. estate tax return to report an interest in U. S. situs property?….

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Canada Revenue Agency, Estate Administration, Estate Planning, Trustee, United States

More on Graduated Rate Estates

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At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….

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Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, Wills

Graduated Rate Estates: Does the 36 month rule mean a maximum of 3 taxation years?

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As my fellow bloggers have written, there are now 3 types of testamentary trusts under our tax law: a Graduated Rate Estate (“GRE”), a Qualified Disability Trust (“QDT”) and all other testamentary trusts (“OTT”). Previously, all testamentary trusts were generally taxed in the same way individuals were – at graduated tax rates. Effective January 1, 2016, OTT’s will be taxed at the highest marginal tax rate. However, GRE’s which generally….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Investments, Property, Succession Planning, Tax Issues, Trusts, Wills

Donations involving Private Company Shares & Real Estate

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The announcement in the 2015 Federal Budget that capital gains would be eliminated on donations involving private company shares and real estate was short on detail. As a result the measure, which would be effective beginning 2017, was not passed by Parliament. In mid-summer, the Department of Finance released the technical details and invited public comment. Feedback is due on September 30, 2015. The Federal election makes the future of….

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Charitable Giving, Estate Administration, Estate Planning, Philanthropy/Charitable Giving

CRA Collections: Dealing With Some of the Myths

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As a trustee or executor of an estate, you may find yourself managing existing or future tax disputes with the Canada Revenue Agency (“CRA”) and the collections department of the CRA at the same time. In a blog written by Peter Aprile of Countertax Lawyers entitled the Canada Revenue Agency Collection Department & Paying Tax Debts in dispute, some issues and related myths were addressed which you may find useful….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Passing Of Trustees’ and Executors’ Accounts, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills
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