Canada Revenue Agency

Total 280 Posts

The CPP Child Rearing Dropout and its Impact on Survivor Benefits

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Today’s blog was written by Monique J. Charlebois, a bilingual lawyer with more than 20 years of experience practicing Ontario estates law.  If you have clients who have lost a relatively young spouse/parent who was the primary caregiver to young children for many years, letting them know about the Child Rearing Dropout provisions could have a significant impact on their financial situation. In general, CPP survivor benefits are paid monthly….

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Canada Revenue Agency, Caregiving, Estate Administration, Estate Planning, Spouse, Succession Planning

SPOUSAL TRUSTS : COUPLE OF UPDATES

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Life insurance policy – rollover at cost? In a recent technical interpretation, the Canada Revenue Agency (“CRA”) confirmed that where a spousal trust is required to pay the life insurance premiums on a policy it owns and is the beneficiary of the policy, a rollover at cost pursuant to the relevant section of the Income tax Act (“ITA”) is not available on the original transfer of assets to the trust…..

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Canada Revenue Agency, Estate Administration, Insurance, Interest, Investments, Spouse, Tax Issues, Trustee, Trusts, Uncategorized

Pipelines and non-resident beneficiaries

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Without proper tax planning, private company shareholders face the prospect of a double tax on the value of shares – once at the time of death and again when the successor beneficiaries extract the share value from the company.  Post mortem “pipeline” planning solves this problem by allowing the estate to extract the share value without additional tax paid in the deceased shareholder’s final return, that is, before a recently….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues

Disability Tax credits and Bankruptcy

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In general, unpaid and to be paid disability tax credits can form part of a bankrupt’s estate in the form of property and income. If they are “property of the bankrupt” within the Bankruptcy and Insolvency Act, (the “BIA”), then they are 100% distributable amongst estate creditors in accordance with the priority scheme set out in the BIA. If they are “income” within the BIA, they are subject to contribution….

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Canada Revenue Agency, Disability, Estate Administration, Tax Issues, Uncategorized

Fraudulent investment—recourse options

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In an earlier post I provided general reporting information that applies to taxpayers who participated in what reasonably appeared to be a legitimate investment for income tax purposes and turned out to be a fraudulent investment scheme.  The economic losses in these situations can be devastating when compounded by the fact there may be little to no tax relief given.  What if you feel the Canada Revenue Agency (CRA) has either misinterpreted….

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Canada Revenue Agency, Tax Issues

A Lot of Plots or a Plot of Lots?

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Reading my colleague Diana’s blog of a few weeks ago, ‘Whose Land Is It Anyways’ ,  reminded me of my friend’s current challenge.   She owns a lovely piece of  prime real estate in a prestigious and sought-after location in mid-town Toronto (off Yonge Street) with a great view!  Sounds wonderful doesn’t it! However, she can’t exactly build there and there are a few stipulations such as the lot cannot….

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Canada Revenue Agency, Caregiving, Funeral Planning
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