Canada Revenue Agency

Total 280 Posts

A change in trustee could be a tax problem

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The acquisition of control (AOC) rules in the Income Tax Act (ITA) are designed to prevent non-related persons or group of persons from trading in corporations that have unutilized losses for income tax purposes by restricting the corporation’s ability to deduct unutilized losses when control of the corporation has been acquired (i.e. change in shareholders). We know that the AOC rules can apply when there is a change in the….

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Canada Revenue Agency, Estate Planning, Tax Issues, Trustee, Trusts

Look Out: The New Trust Reporting Rules Are Almost Here

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As we head in to the Fall of 2020, we are quickly approaching the new trust reporting requirements. The new trust reporting rules come into effect with taxation years ending after Dec. 30, 2021.As a reminder to administrators, if a trust continues to be in place past Dec. 31, 2020, the trust will need to comply with the new reporting rules and the trust administrators must provide the following additional….

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Canada Revenue Agency, Estate Administration, Executors, In the News, Practice Management, Tax Issues, Trustee, Trusts, Uncategorized

CPP: TO DEFER OR NOT DEFER

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For several years now, clients and contacts (with more frequency of late, and that’s no accident) have been asking me: “Hey Steve, I am turning 65 shortly, do I apply for CPP now or do I wait – what makes more sense financially” Based on analysis provided by experts in the financial planning sector (and more recently, published articles on the subject) my answer usually takes the form of “it….

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Canada Revenue Agency, Compensation, Estate Planning, In the News, Insurance, Investments, Tax Issues, Uncategorized

SOME TAX TIPS IN THE COVID ERA

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Our epidemiologists and public heath officers are warning us gently that the dreaded virus will be with us for awhile. Nevertheless, we are all hoping that our economy will recover soon (and to some extent our financial markets have), but it appears asset values in general may be depressed for some time to come. In this context, there may some some opportunities to free up some cash flow and/or reduce….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Uncategorized

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

Someone else’s tax bill – Sometimes there is no getting away from it!

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In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as his beneficiaries under a beneficiary designation in respect of the LIF. In his will, the deceased named his daughters as….

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Canada Revenue Agency, Courts, Estate Administration, Estate Litigation, Executors, Investments, Liability, Tax Issues, Trustee, Trusts, Uncategorized, Wills
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