The Canada Revenue Agency (CRA) was asked in a technical interpretation if a reversionary trust that holds non-income producing property required to file a T3 Return.
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Filing obligation for 75(2) trust Continue Reading »
Canada Revenue Agency, Estate Planning, Tax Issues, TrusteeWhere a will is drafted to create a testamentary spousal trust and the will provides that the final distribution date of the trust is three years after the death of the surviving spouse, would the trust be precluded from being a spousal trust.
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Delay in final distribution from spousal trust Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, WillsThe Canada Revenue Agency (CRA) was asked whether income allocated by a US trust to a resident of Canada retains its nature as a dividend…..
Income allocated by a US trust Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Investments, Tax IssuesThe Canada Revenue Agency (CRA) recently ruled in respect of a post-mortem “pipeline” transaction involving a private corporation whereby the children of that last-to-die parent received valuable shares of a private corporation where the deceased had reported a deemed disposition gain on their final income tax return.
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Post Mortem Pipeline Planning – Good Things Come to Those Who Wait Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Tax IssuesThe Canada Revenue Agency (CRA) was asked if a taxpayer’s property designated as his “principal residence” but rented and lived in by his son continued to qualify as his “principal residence” for the purpose of claiming a principal residence exemption to shelter a gain from personal tax.
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Principal residence exemption – renting to a child Continue Reading »
Canada Revenue Agency, Cottage, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Real Estate, Tax IssuesThe Canada Revenue Agency (CRA) was asked if a duplex occupied by a taxpayer and her aging parent could be treated as the daughter’s taxpayer “principal residence” for the purpose of claiming the principal residence exemption from the capital realized on the sale of the duplex at a later date.
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Principal Residence – Duplex or Intergenerational House Continue Reading »
Canada Revenue Agency, Dependant Support, Disability, Elder Care, Estate Planning, Joint Tenancy, Property, Real Estate, Tax Issues