Derek de Gannes, Author at All About Estates

Estate Distributions

Derek de Gannes • February 21, 2017 • 0 Comments

During the administration of an estate, taxable income can be generated in the form of interest, dividends, capital gains, etc. after all debts and specific bequests have been paid. The Canada Revenue Agency (CRA) was asked if an estate could distribute the remaining taxable income to the residual beneficiaries. The CRA confirmed that the ability of an estate to distribute the remaining taxable income to the residual beneficiaries would depend on….

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Canada Revenue Agency, Estate Administration, Executors

GAAR and 21-year rule planning

Derek de Gannes • February 7, 2017 • 0 Comments

The Canada Revenue Agency (CRA) was asked to comment on the implications of a transfer of property from a discretionary trust (Old Trust) to a Canadian corporation wholly owned by a new discretionary trust (New Trust). The 21-year deemed disposition rule provides that every 21 years in a family trust’s life, the CRA looks at the property in a trust as if it were the property of someone who had….

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Canada Revenue Agency, Estate Planning, Executors, Trusts

Settlement Payments Determinable After Death

Derek de Gannes • January 24, 2017 • 0 Comments

The Canada Revenue Agency (CRA) was asked whether certain settlement payments are taxable in the hands of the deceased taxpayer where a taxpayer dies prior to obtaining a determinable right to the payments. A class action lawsuit was brought forth on behalf of former members of the Canadian Forces. A 2013 Court Order outlined the terms of the settlement of the class action lawsuit, with the exception of one outstanding….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

CPP Death Benefit

Derek de Gannes • January 10, 2017

Whether a CPP/QPP death benefit is to be taxed in the hands of the beneficiary or in the hands of the estate is determined by the terms of the will.
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Canada Revenue Agency, Executors, Tax Issues, Wills

Registered Disability Savings Plan Rollover – Or Not

Derek de Gannes • December 13, 2016

The CRA was asked if a deceased registered pension plan (“RPP”) member’s pension benefit could be transferred tax-free to the registered disability savings plan of the RPP member’s financially dependent infirm child .
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Canada Revenue Agency, Dependant Support, Disability, Estate Planning, Tax Issues

Stock options held at death

Derek de Gannes • November 22, 2016

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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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues