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

Gift of securities by executors of a will (continued)

• • 0 Comments

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual.  The information that follows is based on a revised set of facts The taxpayer died in 2016.  His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to charitable organizations but giving the co-executors the flexibility….

Gift of securities by executors of a will (continued) Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Clawback of Old Age Security

• • 0 Comments

The Canada Revenue Agency (CRA) was reminded by a taxpayer recipient of the Old Age Security pension (OAS) about a perceived lack of fairness when required to include the dividends received at a grossed-up amount when calculating net income rather than only including the actual amount of dividends received. The taxpayer felt this was unfair because their net income was used to calculate the reduction his or her OAS. In….

Clawback of Old Age Security Continue Reading »

Canada Revenue Agency, Tax Issues

Gift of securities by executors of a will

• • 1 Comment

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual. The taxpayer died in 2016.  His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to charitable organizations but giving the co-executors the flexibility to make donations if they wish.  His assets at the time of….

Gift of securities by executors of a will Continue Reading »

Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Tax Issues, Trustee, Uncategorized, Wills

To vary or not to vary

• • 0 Comments

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts legislation, trustees were generally bound to administer the trust according to its terms.  Unless specifically allowed in the trust deed,….

To vary or not to vary Continue Reading »

Canada Revenue Agency, Executors, Tax Issues, Trustee, Trusts

Medical assistance in dying

• • 0 Comments

The Canada Revenue Agency (CRA) was asked whether medical assistance in dying would be considered a medical service for the purpose of the medical expense tax credit (METC).  Not surprising, their answer was yes. In their view, the services for medical assistance in dying are medical services for the purpose of the METC when they are provided by a medical doctor or nurse practitioner as set out in the Criminal….

Medical assistance in dying Continue Reading »

Canada Revenue Agency, Elder Care, Executors, Geriatric Care Management, Trustee

Estate income entitlement

• • 0 Comments

With the filing deadline for trust tax returns fast approaching, it is a good idea to take a look at some recent tax news which may be of some interest to executors. The Canada Revenue Agency (CRA) was recently asked their view on whether a beneficiary of an estate has the right to income of an estate after the estate has passed the end of the “executor’s year” such that….

Estate income entitlement Continue Reading »

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