Derek de Gannes

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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

Pipelines and non-resident beneficiaries

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Without proper tax planning, private company shareholders face the prospect of a double tax on the value of shares – once at the time of death and again when the successor beneficiaries extract the share value from the company.  Post mortem “pipeline” planning solves this problem by allowing the estate to extract the share value without additional tax paid in the deceased shareholder’s final return, that is, before a recently….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues

Fraudulent investment—recourse options

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In an earlier post I provided general reporting information that applies to taxpayers who participated in what reasonably appeared to be a legitimate investment for income tax purposes and turned out to be a fraudulent investment scheme.  The economic losses in these situations can be devastating when compounded by the fact there may be little to no tax relief given.  What if you feel the Canada Revenue Agency (CRA) has either misinterpreted….

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Canada Revenue Agency, Tax Issues

Spousal Rollover and Substituted Property

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Suppose the will of a deceased taxpayer provides that certain assets are to be transferred to a spousal or common law partner trust.  Before doing so, and while property of the estate is being administered, certain property might change or be substituted by the Estate.  For example, shares might be converted from one class to another.  If so, is the spousal rollover still available? When a taxpayer dies and certain….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Trust Filing Deadlines and Penalties

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With a new year is upon us it is important to keep in mind the various filing deadlines for trusts and estates (a trust). Generally, a trust has to file an annual income tax and information return (T3) if the trust earns income or makes annual distributions. The T3 along with any balance owing and the beneficiary trust information slips are due no later than 90 days after the year-end…..

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Canada Revenue Agency, Executors, Tax Issues

Safe Income and an Estate

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In a recent technical interpretation, the Canada Revenue Agency (CRA) made the point that safe income of a corporation owned by a person that died did not flow through to the estate of that person.  The reason was not clearly stated but appears to be that the safe income became encompassed in the adjusted cost base of the shares to the estate. The situation described in the technical interpretation involved….

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Canada Revenue Agency, Estate Planning, Tax Issues

Creation of a Trust

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The Canada Revenue Agency (CRA) provided guidance on when a testamentary trust is considered to have been created for purposes of the 21 year deemed disposition rule. A trust is deemed to have disposed of its capital property for proceeds equal to the fair market value of the property at the end of the deemed disposition date and to have re-acquired the property immediately after the day for an amount equal….

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