Derek de Gannes

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Derek A. de Gannes: Senior Director, Private Client Services of RSM Canada. RSM Canada is committed to the highest level of integrity, quality and professionalism and provides clients with solutions in the area of Audit, Tax and Transaction Services. Email: derek.degannes@rsmcanada.com

Gift returned receipt required

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The Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a charitable foundation raising funds to support a specific college. The gift was made on the condition that the funds be….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Executors, Insurance, Philanthropy/Charitable Giving, Tax Issues

Principal residence and the change in use

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It is not unusual for find the value of a deceased’s home makes up a significant part of their net worth and estate value on death. Often there is an automatic reliance on the principal residence exemption to tax exempt the gain on the deemed sale triggered on death.  What if during the person’s life the property was used for other purposes such as a home office, or day care….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Property, Real Estate, Tax Issues

Application of Attribution Rules to T1135 Reporting

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The Canada Revenue Agency (CRA) was asked to consider a situation where spouses A and B jointly acquired foreign property for $150,000.  A paid $75,000 in cash and gave $75,000 to his spouse to jointly buy the property.  The question asked was how would the income and gains be shown on the relevant foreign reporting form. The CRA confirmed in a technical interpretation that, provided the spouses had joint ownership….

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Canada Revenue Agency, Executors, Tax Issues

Death of taxpayer – timing of the final return

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Some timing relief is granted to the deceased’s personal representative when a death occurs before the deceased has filed a tax return to report income received in the year. Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. If the death….

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Canada Revenue Agency, Executors, Tax Issues, Uncategorized

Taxpayers have rights too!

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As a Canadian taxpayer either alive or their estate, you (or your personal representative) has rights in your dealing with the Canada Revenue Agency (CRA) as follows: To receive entitlements and to pay no more and no less than what is required by law. To service in both official languages. To privacy and confidentiality. To a formal review and a subsequent appeal. To be treated professionally, courteously and fairly. To….

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Canada Revenue Agency, Costs, Estate Administration, In the News, Trustee, Uncategorized

Do I need to apply for a trust account number?

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Attention turns to the filing of T3 trust income tax and information returns with the end of March in sight.  If you are trustee of a new Trust you may wonder if an identification number is required? Like a social insurance number or a business number, the trust identification number serves as way for the Canada Revenue Agency (CRA) to identify the Trust in its assessments, associate payments received and….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues
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