RSM Canada

Extended tax payment deadlines and interest relief on tax debt

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Further tax payment deadline extensions and interest relief on tax debt are on offer by the Canada Revenue Agency (CRA) during the COVID-19 pandemic. As announced on July 27, 2020, trusts now have until September 30, 2020, to pay income tax balances and instalments that would have otherwise been due on or after March 18, 2020 and before September 30, 2020. The CRA also says that all penalties and interest….

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Canada Revenue Agency, Executors, Liability, Tax Issues

Henson Trusts

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Qualifying for support under various government disability programs in the form of cash payments or benefits often means that a recipient must have income and assets below a certain level. Without careful planning an intended inheritance may unintentionally serve to cut off a beneficiary’s government support. A Henson Trust allows for the assets of the deceased to pass to a special trust, and not be counted in the disabled assets….

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Canada Revenue Agency, Estate Litigation, Estate Planning, Executors, Tax Issues, Wills

Gift of securities by executors of a will

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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….

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

To vary or not to vary

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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,….

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