Much of the discussion on tax planning in the year of death has been focused on terminal year capital gains. In a recovering market it is also possible for the deceased to suffer a capital loss on the deemed disposition of capital assets…..
Net capital losses in the year of death Continue Reading »
Estate Planning, Executors, InvestmentsWhere death is imminent, careful tax planning with dividends for the shareholder of a private corporation may return benefits to the estate and beneficiaries of the estate…..
“Rights and things” dividends Continue Reading »
Estate Administration, Estate Planning, Executors, Small Business, TrusteeWith an aging population and a strained social support system, many of us will be looked upon to provide some amount of financial support for an elderly person which, in some cases, may place a financial strain on the supporting individual. Not to be overlooked is the tax relief provided by both the federal and provincial governments. Generally speaking, tax relief for costs incurred by the elderly is delivered in….
Tax relief and the cost of supporting elderly parents Continue Reading »
Canada Revenue Agency, Elder Care, Estate Planning, Geriatric Care ManagementGenerally speaking, the Canada Revenue Agency requires a taxpayer’s consent to speak with someone other than the taxpayer about matters related to the person’s affairs. One may assume the consent requirement is relaxed when the taxpayer is deceased and the deceased’s affairs are in the hands of the estate trustee(s) Think again as this is not automatic.
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Consent to speak Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Succession Planning, WillsQualifying for support under various government disability programs in the form of cash payments or benefits often means that a recipient must have income and assets below a certain level. Without careful planning an intended inheritance may unintentionally serve to cut off a beneficiary’s government support…..
An estate planning tool for a disabled beneficiary Continue Reading »
Estate PlanningIn many cases, the deemed disposition rules cause significant tax liabilities in the year of death. In this case, some relief is available in the sense that income taxes owing for the year of death may be paid in annual instalments (not exceeding ten) with non deductible interest charged at the prescribed rate from the day taxes should have been paid. ….
Payment of Tax Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning