Steven Frye

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Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.

ATTRIBUTION RULES AND PLANNING REVISITED

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Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….

ATTRIBUTION RULES AND PLANNING REVISITED Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, Trusts

DISABILTY TAX CREDIT CERTIFICATE: WHO CAN CERTIFY?

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Which medical professionals can certify on a Disability Tax Credit Certificate (“Form T2201”), that an individual has a severe and prolonged impairment in physical or mental functions? Can a registered oral surgeon or other oral specialist, licensed to be so by a provincial body be considered to be a medical doctor in that province for the purpose of certifying on Form T2201 that an individual has an impairment in speaking….

DISABILTY TAX CREDIT CERTIFICATE: WHO CAN CERTIFY? Continue Reading »

Canada Revenue Agency, Capacity Law, Disability, Elder Care, Estate Planning, Fiduciary Professions, Geriatric Care Management, Guardianship, In the News, Power of Attorney

Post Mortem Pipeline Planning – Business Continuity

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Recently, a fellow blogger wrote about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the form of a dividend. In this sense, the use….

Post Mortem Pipeline Planning – Business Continuity Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Property, Real Estate, Succession Planning, Tax Issues

CAPITAL DIVIDEND ACCOUNT ELECTIONS AND THE DATE GONE WRONG?

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As I mentioned in a previous blog, the capital dividend account (“CDA”) is often a central feature of tax planning for individuals with private corporations with the opportunity to make tax-free distributions to shareholders on the disposition of certain capital assets. It gains particular focus in estate planning scenarios and eventually in estate and trust administration. As I also mentioned, the management of the CDA is a tricky proposition with….

CAPITAL DIVIDEND ACCOUNT ELECTIONS AND THE DATE GONE WRONG? Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Liability, Property, Small Business, Succession Planning, Tax Issues, Trusts

TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES

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One of the many tasks associated with the administration of trusts is making sure all tax payments are made on a timely basis to protect the trust and its beneficiaries from avoid interest and penalties. In this regard, most trusts are required to make installment payments. Prior to 2016 only inter vivos trusts (other than grandfathered inter vivos trusts) were legislatively required to make instalment payments under the relevant sections….

TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES Continue Reading »

Estate Administration, Estate Planning, Executors, Interest, Property, Tax Issues, Trustee, Trusts

Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark?

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The capital dividend account (“CDA”) is a tax free surplus account within a private corporation which gives shareholders designated capital dividends, tax-free. The CDA typically contains the non-taxable portion of the company’s capital gains net of capital losses, capital gains received by other companies, proceeds of life insurance on death and other capital like distributions. The CDA account is often a central feature of tax planning for individuals with private….

Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark? Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Investments, Small Business, Succession Planning, Tax Issues, Trusts
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