Canada Revenue Agency

Total 280 Posts

Foreign reporting and the foreign pension plan

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The Canada Revenue Agency (CRA) was asked whether a Canadian-resident individual is required to file Form T1135 (Foreign Income Verification Statement) in respect of their interest in a US pension plan.  The foreign property reporting rules are in section 233.3 of the Income Tax Act (ITA). Generally, these rules require certain taxpayers resident in Canada and certain partnerships to file an information return (Form T1135) with respect to their “specified….

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Canada Revenue Agency, Tax Issues

BARE TRUSTS

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A bare trust, also referred to as a naked trust, exists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust. The sole duty of a bare trustee would be to convey legal title to the trust property on demand of and according….

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Canada Revenue Agency, Courts, Estate Planning, Investments, Joint Tenancy, Property, Resulting Trust, Tax Issues, Trustee, Trusts, Uncategorized

TFSA’s and Survivor Payments: Impact of Fair Market Value.

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In this space, sometime ago, a fellow blogger wrote about how survivor payments made out of a deceased’s tax free savings account (TFSA)  to the deceased’s spouse TFSA would qualify as an “exempt contribution” (i.e. the contribution room in the surviving spouse’s TFSA would not be affected by the addition of these funds), even if the spouse was not designated beneficiary of the TFSA. What are the implications to the….

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Canada Revenue Agency, Estate Administration, Investments, Property, Tax Issues, Uncategorized, Wills

Low- Interest Environment: Time To Take Advantage Again.

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In past blogs, we discussed income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such as marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Spouse, Tax Issues, Trusts, Uncategorized

Home Buyer’s Plan and Disabled Family Member

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In a recent blog, I wrote about the availability of Home Buyer’s Plan (HBP) to an individual after the death of her spouse who purchased the matrimonial home. In a recent Technical Interpretation (2019-0819671E5, D. Odubella), the Canada Revenue Agency (CRA) was asked by a taxpayer to review the availability of the HBP to purchase a home that is located in a district where their disabled daughter could attend a….

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Canada Revenue Agency, Dependant Support, Disability, In the News, Real Estate, Spouse, Tax Issues, Uncategorized

Disability Tax Credit Claim: Denied on Appeal

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As many of you know the Disability Tax Credit (DTC) is a credit to income tax otherwise payable, available for those with a severe or prolonged impairment. It is meant to provide some relief from the additional costs and expenses incurred associated with the impairment. I have written in the past that for many in and/or associated with the provision of tax advice and preparation, the application and qualification for ….

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Canada Revenue Agency, Caregiving, Courts, Disability, Elder Law, Healthcare, In the News, Uncategorized
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