Advance Directives and Medical Assistance in Dying

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An advance directive is a document setting out an individual’s wishes for future medical treatment, most often for treatment in the event of incapacity or unconsciousness.  For example, individuals can outline their wishes with respect to withdrawing, withholding, or providing lifesaving treatment (such as feeding tubes or “Do Not Resuscitate” orders).  One limit to what an individual can ask for in an advance directive is medical assistance in dying (MAID)…..

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Uncategorized

Application of Attribution Rules to T1135 Reporting

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The Canada Revenue Agency (CRA) was asked to consider a situation where spouses A and B jointly acquired foreign property for $150,000.  A paid $75,000 in cash and gave $75,000 to his spouse to jointly buy the property.  The question asked was how would the income and gains be shown on the relevant foreign reporting form. The CRA confirmed in a technical interpretation that, provided the spouses had joint ownership….

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Canada Revenue Agency, Executors, Tax Issues

Getting Back to Basics: The Carer’s Lexicon

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In our busy day to day lives I have found that people will often use acronyms, assuming their listener/reader understands.  This is not always the case. It is not only the younger generation that is using new terms (what exactly is a meme?), but those of us in the caregiving world also embrace our own jargon. While I try to be cognizant of using proper names rather than acronyms or….

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Caregiving

Making Effective Distributions of Estate Taxable Income Tax

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Dealing with the taxation of income earned by an estate can be complex. It has become even more complex since January 1, 2016.  It was on this date that all estates, other than those that qualify as a “graduated rate estate” (GRE), were no longer able to benefit from graduated rates of taxation on their taxable income.  Rather, to the extent an estate that is not a GRE earns and….

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Estate Planning, Tax Issues, Trusts, Wills

Donation Tax Credit Mismatch

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It is a truism that Canadians who donate enough to charity at death can eliminate tax. This outcome is due to the 100% contribution limit for gifts by will and direct designation gift of registered funds and life insurance.  Since 2015, however, Ontario, Quebec, New Brunswick and Yukon have increased the top marginal tax rate, but not top donation tax credit rates.  In many cases estates with large donations to….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Death of taxpayer – timing of the final return

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Some timing relief is granted to the deceased’s personal representative when a death occurs before the deceased has filed a tax return to report income received in the year. Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. If the death….

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Canada Revenue Agency, Executors, Tax Issues, Uncategorized
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