2015 Was a Year for Canadian Investors to Forget
2015 Was a Year for Canadian Investors to Forget Continue Reading »
Investments, Trustee, TrustsTrustee
Total 148 Posts
DYING INTESTATE AND TAX FILINGS
If you have been a regular reader of our blogs, then I am hoping you have learnt more than a few things about estates and trusts. At the very least, I expect that you now have a will if you didn’t before with executor(s) appointed and beneficiary (ies) designated and so on. What if someone you know or know of dies intestate i.e. without a will and you are asked….
DYING INTESTATE AND TAX FILINGS Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, WillsU. S. Estate Tax Closing Letter
Canadian taxpayers are accustomed to receiving a notice of assessment after filing a tax return. In the federal context, a Notice of Assessment, is a statement from the Canada Revenue Agency notifying the taxpayer of among other items the amount of tax they owe, if any, the amount of tax already paid, if any, and tax credits received.
What if that return was a U. S. estate tax return to report an interest in U. S. situs property?….
U. S. Estate Tax Closing Letter Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Trustee, United StatesMore on Graduated Rate Estates
At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….
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Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, WillsPrincipal residence and co-ownership (continued)
In my last blog on this topic I shared with you the comments of the Canada Revenue Agency (CRA) on an implied agreement between a couple regarding their ownership of a property. The CRA went on to comment on the tax implications of both an actual and a deemed sale…..
Principal residence and co-ownership (continued) Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Joint Tenancy, Property, Tax Issues, TrusteePOA versus Executor Compensation
On Tuesday, September 29, I spoke at an OBA program entitled “The Family Business: Administration and Litigation of Trusts and Estates Holding Business Assets.” At the end of the program, there was an interesting discussion about the distinction between compensation for estate trustees and compensation for POAs or guardians of property appointed pursuant to the Substitute Decisions Act (“SDA”). A regulation to the SDA sets out the prescribed rates of….
POA versus Executor Compensation Continue Reading »
Attorney Compensation, Compensation, Executors, Passing Of Trustees’ and Executors’ Accounts, POA Compensation, Power of Attorney, Trustee, Trustee Compensation