A recent Canada Revenue Technical Interpretation confirmed that the tax owed by an estate should first be recovered from the named beneficiaries of the deceased registered plans…..
Tax Liability of a Deceased Taxpayer Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Liability, TrusteeMore often than not the lost items relate to trusts and estates which have made filings without an account number. If and when found by the CRA, the agency would look to assess penalties and interest for late submissions…..
Trust and estate account numbers Continue Reading »
Canada Revenue Agency, Estate PlanningMany have taken advantage of the ability to withdraw funds from a retirement savings plan under either the Home Buyer’s Plan (HBP) or Lifelong Learning Plans. Without careful planning, unpaid obligations under either of these plans may have tax implications on death…..
Home Buyer’s and Lifelong Learning Plans Continue Reading »
Estate Administration, Estate Planning, Executors, SpouseFrom time to time there will be delays that could lead to missed deadlines resulting in tax penalties and arrears interest. All is not lost, however, where the deceased leaves a testamentary trust which would otherwise qualify as a spouse trust…..
Whew, I thought I missed the filing deadline! Continue Reading »
Estate Planning, Executors, Property, Trusts, WillsIn many cases, a deceased person will include charitable bequests in their will. The executor(s) of the estate may not, however, be in a position to honour the bequest in a timely fashion due to the lack of available estate funds on hand. In not all cases will this action (or inaction) frustrate the completion of the final personal tax return…..
Charitable donations made through a will Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Planning, Trustee, WillsSome fancy footwork may be required to get one last shot at using the remaining capital gains exemption where the deceased’s intention is to transfer his or her assets to a spouse.
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Capital Gain Exemption on the Terminal T1 Return Continue Reading »
Estate Planning, Executors, Small Business, Wills