Tax Issues

Total 356 Posts

Safe Space: Governance in Action

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For most businesses they evaluate their success by quarters or perhaps terms described as “short”, “medium” and “long”. For a family business, they measure success by ensuring the company is preserved for the next generation and beyond.  And despite the statistics which suggest that successfully transitioning a family business to the next generation is elusive, the goal for a large proportion of family businesses still is to transition the business….

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Business Succession Planning, Family Conflict, Small Business, Tax Issues

SHAREHOLDER REMUNERATION PLANNING

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Business owners-managers put money in and take money out on a regular basis during the year, and at the same time often use the business bank account for what may appear to be personal expenditures. This often leads to shareholder advance balances at year end and some major bookkeeping challenges to boot. These balances are often part of the consideration to determine shareholder bonuses and dividends at year-end, the characterization….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Planning, Investments, IRS, Small Business, Tax Issues, Uncategorized

Estate income entitlement

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With the filing deadline for trust tax returns fast approaching, it is a good idea to take a look at some recent tax news which may be of some interest to executors. The Canada Revenue Agency (CRA) was recently asked their view on whether a beneficiary of an estate has the right to income of an estate after the estate has passed the end of the “executor’s year” such that….

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

Post-Death Decline in the Value of RRSP or RRIF: What Happens?

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Generally, when an annuitant of a Registered Retirement Savings Plan (“RRSP”) or a Registered Retirement Income Fund (“RRIF”) dies, the Canada Revenue Agency (“CRA”)  will consider that the annuitant received, immediately before death, an amount equal to the fair market value (“FMV”) of the property held in the RRSP or RRIF at the time of death. This amount and all other amounts the annuitant received from the RRSP or RRIF….

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Canada Revenue Agency, Estate Administration, Tax Issues, Uncategorized

The winds of change

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As tax and estate planning goes, advisors look for signs of things to come and events to happen.  We have started to hear rumblings about rising interest rates perhaps suggesting some action may be required where prescribed rate loans are involved. Last week I was alerted to the fact the Bank of Canada posted the average yield on 3 month treasury bills 1.17%.  Should the average yield at the January….

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Estate Planning, Interest, Tax Issues, Uncategorized

Withdrawal of RRSP Over-Contributions After Death

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When an annuitant of a RRSP makes over-contributions (or unused contributions) to his or her RRSP and wants to withdraw them without penalty, the Canada Revenue Agency (“CRA”) will permit the annuitant to withdraw the over contributions and claim a deduction accordingly, as long as the CRA can be shown that the annuitant intended to fully deduct the contributions in the year made or the year before, or the contributions….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Tax Issues
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