Tax Issues

Total 356 Posts

Breaking Up is Hard to Do – Ceasing to be a Canadian Tax Resident may be Easier Said than Done

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto My blog posts so far this year have focused on the significant volume of new residents to Canada and the associated tax and legal considerations, particularly where new residents are entering the Canadian tax system with assets and investments in their countries of origin or other global jurisdictions.  In this blog post, I flip the discussion….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Planning, Tax Issues, Uncategorized

Tax Implications and Considerations involving the Death of a Shareholder of a Private Corporation

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Today’s blog was written by Pritika Deepak, Associate at Fasken LLP This is the last part of a three-part blog series which provides a broad overview of some of the tax implications to consider, with respect to certain assets held at death. Part I, which addresses RRSPs can be found here: https://allaboutestates.devrieslitigation.com/what-happens-when-a-taxpayer-dies-with-a-registered-retirement-savings-plan/ and Part II, which addresses exempt Life Insurance Policies can be found here: https://allaboutestates.devrieslitigation.com/tax-implications-for-exempt-life-insurance-policies/. Part III of this….

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Estate Administration, Estate Planning, Tax Issues, Uncategorized, Wills

Atypical Asset Administration (Part 2)

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This blog has been written by Sandra Arsenault, Law Clerk at Fasken LLP Welcome back! This is Part 2 of a two-part series on unusual assets and estate administration. For part one, please see my blog post here. Typical assets in an estate consist of real property, automobiles, corporations, investments, cash, jewellery and artwork. What I would call the “easy” stuff. But sometimes there are collections, specialized equipment, intangible assets….

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Estate Administration, Estate Litigation, Estate Planning, Executors, Tax Issues, Uncategorized, Wills

Don’t Forget the T1141s and T1142s!

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Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto My last blog post was very early in the year.  In that post, I outlined — and generally responded to — certain common questions posed by newcomers to Canada.  As the year progresses, Canada continues to draw in large numbers of immigrants (with many more arrivals anticipated in the coming years).  For many newcomers, their first or second Canadian….

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Canada Revenue Agency, Canadian and US Tax Treaty, International, Tax Issues, Trusts, U.S. Citizen, Uncategorized, United States

Tax Implications for Exempt Life Insurance Policies

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Today’s blog post was written by Pritika Deepak, an Associate at Fasken LLP. This is Part II of a three-part blog series which provides a high-level overview of some of the tax implications to consider, with respect to certain assets held at death. Part I, which addresses RRSPs can be found here: https://allaboutestates.devrieslitigation.com/what-happens-when-a-taxpayer-dies-with-a-registered-retirement-savings-plan/ Part II of the blog focuses on life insurance policies owned at the time of death. Specifically,….

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Estate Administration, Insurance, Tax Issues

Private foundations & private company shares

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Philanthropic individuals that own their wealth in a private company may want to set-up a charitable legacy by donating some of their shares or debt to a private foundation. Although this sounds like a great idea, caution needs to be exercised. Donations of private company shares or debt to a private foundation may not result in a charitable donation tax credit under the Income Tax Act (ITA) due to the….

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Charitable Giving, Philanthropy/Charitable Giving, Tax Issues
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