The Canada Revenue Agency (CRA) was asked if a distribution of certain property to beneficiaries is a taxable event, when an attribution rule (triggered by a beneficiary who contributed the property to the trust) ceases to exist?….
Trust distribution of Property Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesThe CRA was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible pension income that he or she receives in a taxation year with the deceased…..
Splitting Pension Income in Case of Death Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Spouse, Tax IssuesUntil recently, an individual selling his or her “principal residence” did not have to report anything on their tax return for the year of disposition. This is about to change…..
There is no place like home – time to report it! Continue Reading »
Canada Revenue Agency, Cottage, Executors, Real Estate, Tax Issues, TrusteeThe Canada Revenue Agency (CRA) was asked if an estate that received property from an inter-vivos trust that is a life insurance policyholder would be a graduated rate estate (GRE) if the estate received property as beneficiary?
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Estate beneficiary of an inter-vivos trust Continue Reading »
Canada Revenue Agency, Estate Planning, InsuranceThe Canada Revenue Agency made several interesting yet not surprising comments on corrective payments received by an estate.
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Clearance certificates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesIf someone has a second will pertaining to foreign assets, and the domestic executors either do not know about this second will, or cannot deal with the foreign executors on a timely basis, would the status of the estate as a graduated rate estate (GRE) be invalidated if only the domestic executors elected for the estate to be a GRE?
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More on Graduated Rate Estates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Wills