Tax Issues

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QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION?

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Recently, the Canada Revenue Agency (“CRA”) issued a “how to file” the joint election for a trust to be a QDT: http://www.cra-arc.gc.ca/E/pbg/tf/t3qdt/README.html From 2016 forward, this form is to be used if one or more beneficiaries are jointly electing that the trust be designated to be QDT for the year. The form should be filed with the trust return (T3) for the year. The filing of a joint election designates….

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Capacity Law, Disability, Estate Administration, Guardianship, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Budget 2017 – Ecological Gifts Program

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On March 22, 2017 (“Budget Day”), the Federal Government tabled the second budget (“Budget 2017”). While Budget 2017 focuses on building and supporting a strong middle class and economic growth, there are no new tax incentives for the charity and not-for-profit sector. The most significant development to the charity and not-for-profit sector in Budget 2017 is a number of measures to protect the integrity of gifts of ecologically sensitive property….

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In the News, Tax Issues

CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

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Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….

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Canada Revenue Agency, Charitable Giving, Estate Administration, Estate Donations, Estate Planning, In the News, Property, Tax Issues, Uncategorized

How This Budget Cares

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Caring for our loved ones while satisfying and fulfilling can be expensive both emotionally and financially.  Understanding needs, costs and tax relief are all important to saving money. Today’s blog provides some caring highlights from the 2017 Federal Budget. Three current tax credits have been replaced with the proposed Canada Caregiver Credit. This non refundable credit applies to caregivers whether or not they live with their family member, and help….

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Canada Revenue Agency, Caregiving, Dependant Support, Disability, In the News, Tax Issues

Do I need to apply for a trust account number?

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Attention turns to the filing of T3 trust income tax and information returns with the end of March in sight.  If you are trustee of a new Trust you may wonder if an identification number is required? Like a social insurance number or a business number, the trust identification number serves as way for the Canada Revenue Agency (CRA) to identify the Trust in its assessments, associate payments received and….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Unrealized Capital Gains: Take Action Now?

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As we head toward another federal budget to be released on March 22, there is much speculation about a change in the capital gain inclusion rate from 50% to 66.67% or 75%. Current Capital Gain Tax As the rules are currently written, only 50% of a capital gain is subject to tax in Canada. For an Ontario resident, the combined Federal and Ontario tax rate applicable to a high rate….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Real Estate, Tax Issues, Trusts, Uncategorized
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