Tax Issues

Total 356 Posts

Taxation at Death & Capital Losses

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Advisors understand that on death, a Canadian resident is deemed to dispose of their assets at fair market value, often resulting in capital gains being triggered.  However, in some instances, capital losses may result. The legal representative of the estate should seek tax advice early if capital losses are triggered on death or if the deceased has capital losses from previous tax years.  There may be a strategic opportunity to….

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Estate Planning, Tax Issues

Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part II

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  Happy Friday, everyone. As a reminder, this is Part II of a three-part blog series. Part I can be found at the following link: Equalizing an Estate Where One of More Children are U.S. Persons and Planning Strategies Where There Are U.S. Beneficiaries; Part I – All About Estates and Part III, to be posted August 30, 2024, will discuss estate planning in circumstances wherein there are U.S. beneficiaries…..

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Estate Planning, Tax Issues, Trusts, U.S. Citizen, United States, US Taxes, Wills

Beneficiary of a U.S. Estate – Now What?

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What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate is deemed to have acquired the assets at fair market value (i.e. cost-base step-up). Further, if the executor is a….

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Estate Planning, International, Succession Planning, Tax Issues, Trusts, United States

Breaking Up is Still Hard to Do?

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto Nearly a year ago, I made a post on this blog entitled “Breaking Up is Hard to Do – Ceasing to be a Canadian Tax Resident may be Easier Said than Done” (Breaking Up is Hard to Do – Ceasing to be a Canadian Tax Resident may be Easier Said than Done – All About Estates). ….

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Canada Revenue Agency, Estate Planning, In the News, Investments, Succession Planning, Tax Issues

Estate & GST/HST Clearance Certificate

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Section 270 of the Excise Tax Act (the “ETA”) requires a legal representative of an estate to apply for a GST/HST clearance certificate. This is to obtain confirmation that all outstanding GST/HST owing has been paid and satisfied prior to the final distribution of the deceased’s assets. Indeed, if the deceased was a GST/HST registrant (as an example, was operating a sole proprietorship at the time of death) and had….

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Estate Administration, Estate Planning, Executors, Tax Issues, Trustee

Transfers to a corporation can be costly. Beware of corporate attribution.

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Part III – Corporate Attribution This blog post has been written by Pritika Deepak, Associate at Fasken LLP. This is the last part of a three-part blog series which provides a high level overview of the attribution rules contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which addresses personal attribution and Part II, which speaks to trust attribution, can be found respectively at https://allaboutestates.devrieslitigation.com/no-good-deed-goes-unpunished-by-the-cra/ and https://allaboutestates.devrieslitigation.com/using-a-trust-watch-out-for-attribution/. Part….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Succession Planning, Tax Issues, Uncategorized
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