The Department of Finance released a Notice of Ways and Means which included amendments to the tax rules of interest to executors. On such amendment dealt with the security option benefit of the deceased.
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Stock options held at death Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax IssuesHave you seen seniors trying to cross a busy street where there are no traffic lights? Many think they can walk faster than the speeding car headed their way. Not so….. Becoming allies in promoting safety for seniors can encompass a broad range of topics from elder abuse to fraud prevention to pedestrian safety. Pedestrian safety has been at the forefront as of late due to the large number of….
Do you know any Jay Walkers? Continue Reading »
Disability, Elder CareCanadians are charitable people. According to Statistics Canada, 82% of Canadians made a financial donation to a charitable or non-profit organization in 2013 (the latest year statistics are available). The amount given by donors increased from an annual average of $469 in 2004 to $531 in 2013. The most generous donors are those age 75 and over – indeed, every older age category was more generous than the previous one…..
Must an estate pay for a charitable pledge by the deceased? Continue Reading »
Charitable Giving, Estate Donations, Estate LitigationBorrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules surrounding tax free savings accounts (“TFSA”) Contribution room for an individual’s TFSA is the total of the TFSA dollar amount for the year, unused room from prior years and withdrawals from the TFSA in the prior year. Note a withdrawal is a….
TFSA’s – a refresher on the Rules Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Property, Tax Issues, TrusteeSince the announcement of the “estate donation” rules in the 2014 Federal Budget, there have been a number of amendments that have addressed sector concerns and drafting errors. One unintended consequence in the original estate donation provisions relates to gifts of private company shares. At the June 2015 STEP conference in Toronto, Canada Revenue Agency confirmed that all estate donations of private company shares to any registered charity would be….
Estate Donations & Non-Qualifying Securities Continue Reading »
Estate Planning, Philanthropy/Charitable GivingThe March 22, 2016 federal budget included a measure to merge the eligible capital property (“ECP”) tax regime under the Income Tax Act (“ITA”) with the ITA’s depreciable property rules. Eligible capital property includes goodwill and certain other intangibles that were not previously included as depreciable property. For the most part these changes are benign, including that the overall tax amortization/depreciation rate is similar, and these changes represent a degree of tax simplification. The budget measure applies after 2016…..
Tax Deferral Opportunity for CCPC Business Sales is Closing Soon Continue Reading »
Estate Planning