A death benefit is an amount you receive after a person’s death in recognition the deceased person’s employment service.
How does it get taxed?
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DEATH BENEFITS Continue Reading »
Canada Revenue Agency, Estate Administration, Estate PlanningLast time, I wrote about filing deadlines for terminal returns and how these deadlines need to be respected to avoid penalties and interest on taxes owing. What if you don’t have sufficient information to file and the deadline is looming?
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TERMINAL RETURN ESTIMATE Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, InterestNormally, an individual’s personal tax return is due April 30 (or June 15 if the person or a cohabitating spouse has income from a business). Upon death, this does not change unless the date death is after October 31.
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Terminal Return Deadlines Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, ExecutorsGenerally speaking, where property is directly transferred upon death to the deceased’s spouse or common-law partner or a trust for their benefit, such transfers are automatically transferred at cost amount or tax cost amount pursuant to the provisions of the Income Tax Act and no taxable gains on the transfer are incurred. However, there may good reason to elect out of these provisions to trigger taxable capital gains.
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Spousal Rollovers On Death Continue Reading »
Estate Administration, Estate Planning, Executors, Investments, Small Business, TrustsLegal fees to settle an estate are generally not deductible for tax purposes. When do legal fees become tax deductible, if ever?….
