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.

RESP’s – A couple more wrinkles on EAP’s and AIP’s

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In a recent blog, I wrote that the Canada Revenue Agency (“CRA”) was asked whether the six month extension for making educational assistance payments (“EAPs”) out of a registered education savings plan (“RESP”) under the appropriate subsection of the Income Tax Act (the “Act”) can apply when the beneficiary under the plan is deceased and the answer was no because according to the CRA “any payment “to or for an….

RESP’s – A couple more wrinkles on EAP’s and AIP’s Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, RESP, Tax Issues, Trusts

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

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When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

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Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, Trusts

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES

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Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES Continue Reading »

Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United States

INCOME FROM TRUST – WHEN PAYABLE IS NOT PAID

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Fellow bloggers and I have written in the past about how income from a Trust is not deemed payable to a beneficiary (pursuant to relevant sections of the Income tax Act) unless it has been paid to the beneficiary or the beneficiary has the legal right to demand payment during the year. Recently, the Canada Revenue Agency (“CRA”) was asked to review a hypothetical situation related to this issue which….

INCOME FROM TRUST – WHEN PAYABLE IS NOT PAID Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Trusts

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge!

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Last fall I wrote about the Supreme Court of Newfoundland and Labrador being asked to rule on the specific issue of residency which would have significant tax implications to the trust depending on the Court’s determination. In Discovery Trust vs Canada (National Revenue), 201201G6615, at issue was whether a trust was a resident of Newfoundland and Labrador where the beneficiaries resided or in Alberta where the trustee was a resident…..

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge! Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, In the News, Liability, Property, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills
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