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

Professional fees incurred in the context of a litigation with CRA

• • 0 Comments

On occasion, the personal representative of an estate may have to incur costs to either settle or disclose a matter with the Canada Revenue Agency (CRA). In a translated technical interpretation, the CRA provided some of its own guidance on how to navigate the relevant rule in the Income Tax Act (ITA). The ITA generally permits a deduction in computing a taxpayer’s income for a taxation year for amounts paid….

Professional fees incurred in the context of a litigation with CRA Continue Reading »

Canada Revenue Agency, Costs, Estate Administration, Executors, Tax Issues, Trustee

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

• • 0 Comments

Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of an alter ego trust, the settlor must be entitled to receive all the trust’s income that arises before death. In….

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Real Estate, Succession Planning, Tax Issues, Trustee

Subsection 164(6) – Time Limit for Dispositions

• • 0 Comments

The Canada Revenue Agency (CRA) was asked to consider allowing more time to allow for the application of a common post-mortem planning rule in those situations where delays in the probate process have caused a delay in the timing of the disposition of the properties of an estate. The request concerns the application of subsection 164(6) of the Income Tax Act (the Act). In the course of administering the graduated rate….

Subsection 164(6) – Time Limit for Dispositions Continue Reading »

Canada Revenue Agency, Estate Planning, Executors

Extended tax payment deadlines and interest relief on tax debt

• • 0 Comments

Further tax payment deadline extensions and interest relief on tax debt are on offer by the Canada Revenue Agency (CRA) during the COVID-19 pandemic. As announced on July 27, 2020, trusts now have until September 30, 2020, to pay income tax balances and instalments that would have otherwise been due on or after March 18, 2020 and before September 30, 2020. The CRA also says that all penalties and interest….

Extended tax payment deadlines and interest relief on tax debt Continue Reading »

Canada Revenue Agency, Executors, Liability, Tax Issues

Foreign reporting and the foreign pension plan

• • 0 Comments

The Canada Revenue Agency (CRA) was asked whether a Canadian-resident individual is required to file Form T1135 (Foreign Income Verification Statement) in respect of their interest in a US pension plan.  The foreign property reporting rules are in section 233.3 of the Income Tax Act (ITA). Generally, these rules require certain taxpayers resident in Canada and certain partnerships to file an information return (Form T1135) with respect to their “specified….

Foreign reporting and the foreign pension plan Continue Reading »

Canada Revenue Agency, Tax Issues

TOSI and the estate planning – pension splitting

• • 0 Comments

The pension splitting exception will allow a spouse who is 65 years of age to split income with his or her spouse or common law partner if the split income would be an excluded amount of the spouse who is 65 years old. These deeming provisions provide an opportunity to split income with spouses if certain conditions are met. The following example shows how the pension splitting exception would apply:….

TOSI and the estate planning – pension splitting Continue Reading »

Canada Revenue Agency, Estate Planning, Tax Issues
Scroll to Top