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TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

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Under the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns” to be filed under certain circumstances). Further, there is currently no requirement for the trust to report the specific identity….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Tax Issues, Trustee, Trusts, Uncategorized, United States

Biking Around With Dementia

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I was intrigued  by the following headline “How a stationary bike, paired with Google Street View, helps seniors with dementia”  so decided that this would be the start of this morning’s blog.  One of my preferred themes is dementia and the impact it has on everyone.  No surprise as “dementia is the greatest global challenge for health and social care in the 21st century: around 50 million people worldwide have….

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The Tax on Split Income: Round Three

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On March 22, 2018 the Minister of Finance released the budget implementation bill for the 2018 federal budget (“Budget Bill”), which was tabled on February 27, 2018. The Budget Bill contains some helpful amendments to the second iteration of the tax on split income (“TOSI”) rules that were released on December 13, 2017. The explanatory notes for the Budget Bill were released separately on April 5, 2018. The changes fall….

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Frida Kahlo’s Barbie – Life in Plastic, Not so Fantastic

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This Blog was written by: Peter Meitanis Here’s a question you never thought you would read in an estates blog: Where’s the unibrow? Last month, Mattel, the maker of Barbie introduced a group of new dolls based on real-life figures to celebrate International Women’s Day. The collection features inspiring women past and present, including Frida Kahlo, the Mexican artist famous for her self-portraits and works inspired by the nature and….

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Resilience in the Face of Adversity

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I sat down to write this blog thinking I would write about a pithy planning idea that all readers would find fascinating.  Instead, the events of the past few days have compelled me to write about something quite different.  That is, the resilience of humans in the face of tragedy.  Many will be familiar with the events of the past few days, namely, the horrific crash of a transport truck….

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Ontario Donation Tax Credits – Proposed Rationalization

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Proposed Change The Canadian donation tax credit regime is generous, but opaque and needlessly complex. The March 28, 2018 Ontario Budget proposed a welcome reform for an intricate system. Too bad the idea is from a government that polls predict will likely to be voted out of office in eight weeks. Ontario’s current system of donation tax credits is the most byzantine in the country due to a combination of….

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