Total 356 Posts
The CRA was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible pension income that he or she receives in a taxation year with the deceased…..
Splitting Pension Income in Case of Death Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Spouse, Tax IssuesIn my last blog I began a discussion of multiple wills. I will continue that discussion in my next blog. For today’s blog, I will focus on two recently-announced tax measures that relate to planning for persons with disabilities. The measures were included in the legislative proposals relating to the Income Tax Act (“ITA”) released on September 16, 2016…..
NEW TAX MEASURES RELATED TO DISABILITY PLANNING Continue Reading »
Tax IssuesRecently 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, TrustsUntil recently, an individual selling his or her “principal residence” did not have to report anything on their tax return for the year of disposition. This is about to change…..
There is no place like home – time to report it! Continue Reading »
Canada Revenue Agency, Cottage, Executors, Real Estate, Tax Issues, TrusteeRecently, 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 IssuesThe Canada Revenue Agency made several interesting yet not surprising comments on corrective payments received by an estate.
….
Clearance certificates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax Issues