Derek de Gannes

Total 133 Posts

 Website

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

It’s tax reporting time – do you have an ID number?

•

It’s that time of the year when trustees and executors start thinking about tax returns including beneficiary tax information slips. So, are the beneficiaries obliged to hand over their tax IDs to the trustees and executors? Our tax rules provide that the preparer of information slips should make a reasonable effort to obtain the tax ID information from the individuals or businesses for which they are preparing information slips, such….

It’s tax reporting time – do you have an ID number? Continue Reading »

Estate Planning

Grandfathered Agreements

•

My most recent blogs have explored the possible use of life insurance to completely eliminate the capital gain on death (assuming that sufficient insurance was in place) provided certain stop-loss rules do not apply. Not all was lost because, “grandfathered” agreements could prevent the application of the stop-loss rules.

….

Grandfathered Agreements Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Insurance, Loans, Tax Issues, Wills

Grandfathered insurance policies

•

When the stop-loss rules were enacted, they contained grandfathering provisions that provided relief on dispositions of shares pursuant to “grandfathered agreements” or related to “grandfathered insurance policies.”

….

Grandfathered insurance policies Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, Executors, Insurance, Liability, Small Business, Spouse, Succession Planning, Tax Issues

Private company shares and life insurance

•

It is not unusual to see a corporate beneficiary of a life insurance policy collect the insurance on the death of the insured shareholder. Depending on the circumstances, there are creative ways to use the insurance to benefit such persons as the deceased’s estate or other shareholders of the company.

….

Private company shares and life insurance Continue Reading »

Business Succession Planning, Estate Administration, Estate Planning, Executors, Insurance, Liability, Small Business, Succession Planning, Tax Issues

Consider a voluntary disclosure where tax filings are either missing or incomplete

•

Your responsibilities as a trustee or executor of an estate may include completing the tax filings of the deceased and requesting tax clearance prior to the distribution of the estate in accordance with the will terms. Let’s say you find out that the deceased’s tax filings were not all up to date or incomplete and you have read about the possibility of tax penalties.

….

Consider a voluntary disclosure where tax filings are either missing or incomplete Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, IRS, Tax Issues, Wills
Scroll to Top