Canada Revenue Agency

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PENSION PLAN LUMP SUM PAYOUTS

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This fact scenario is based on a situation presented to me recently and I appreciated the opportunity to being “re-educated” on the tax treatment of pension plan lump sum payments. A taxpayer’s spouse retires as a teacher and elects to start receiving her guaranteed pension. A couple of year later, the spouse passes away from cancer and the taxpayer being the beneficiary of his spouse’s pension plan elects to receive….

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Canada Revenue Agency, Estate Administration, In the News, Tax Issues, Uncategorized, Wills

Trust reporting requirements

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The Department of Finance recently released draft legislation for consultation.  The draft rules serve to implement measures announced in the 2018 Federal Budget including rules affecting trust income tax reporting. For trust returns that are required to be filed for the 2021 and subsequent taxation years, Budget 2018 proposed that certain trusts provide additional beneficial ownership information on an annual basis.  As a result, these trusts will be required to….

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Canada Revenue Agency, Executors, Tax Issues

TFSA’s and Residency

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Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. What if in a scenario recently presented in a round table discussion with the Canada Revenue Agency (“CRA”), the CRA….

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Canada Revenue Agency, Estate Planning, Investments, Property, Trustee, Trusts, United States

Form T3010 Registered Charity Information Return and the CRA’s Initiatives

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In order for a charity to maintain its charitable status, the Form T3010 Registered Charity Information Return (“T3010 Information Return”) must be filed each year within 6 months following the end of the charity’s fiscal period. Approximately two years ago, the Canada Revenue Agency (“CRA”) created an infographic to remind charities of their T3010 deadlines. For example, if a charity’s fiscal year end is January 31, the T3010 Information Return….

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Canada Revenue Agency, Tax Issues

Graduated rate estate – don’t lose it!

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A graduated rate estate (GRE) is an estate that arises as the result of the death of a person on or after December 31, 2015, and no more than 36 months after the person’s death. The estate at that time must be a testamentary trust. The GRE designation brings with key benefits such as access to the lower marginal tax rates and simpler and more flexible donation rules.  Perhaps more important in….

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

Inheritances and Taxes – Be Careful Where you Step?

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Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes
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