Business Succession Planning

Total 58 Posts

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE

•

From time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor reports a taxable gain, which is essentially the proceeds of disposal less the transferor’s’ adjusted cost basis (ACB) in the….

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Guardianship, Insurance, Spouse, Tax Issues, Trusts

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

•

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

More on Graduated Rate Estates

•

At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….

More on Graduated Rate Estates Continue Reading »

Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, Wills

Grandfathered insurance policies

•

When the stop-loss rules were enacted, they contained grandfathering provisions that provided relief on dispositions of shares pursuant to “grandfathered agreements” or related to “grandfathered insurance policies.”

….

Grandfathered insurance policies Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, Executors, Insurance, Liability, Small Business, Spouse, Succession Planning, Tax Issues

Private company shares and life insurance

•

It is not unusual to see a corporate beneficiary of a life insurance policy collect the insurance on the death of the insured shareholder. Depending on the circumstances, there are creative ways to use the insurance to benefit such persons as the deceased’s estate or other shareholders of the company.

….

Private company shares and life insurance Continue Reading »

Business Succession Planning, Estate Administration, Estate Planning, Executors, Insurance, Liability, Small Business, Succession Planning, Tax Issues
Scroll to Top