Canada Revenue Agency

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TFSA and the Non-resident

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[caption id="attachment_6317" align="alignnone" width="300"] Muskoka Chairs[/caption] With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a non-resident will beneficiary. If a Canadian tax resident has a TFSA and leaves Canada,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Creation of a Testamentary Trust for Purposes of the 21-Year Deemed Disposition Rule

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Last week I was fortunate to be able to attend STEP Canada’s 20th National Conference, along with 780 other trust and estate practitioners.  This was my third consecutive year attending the Conference, and yet again, it did not disappoint.  Individuals from not only across Canada but also around the world gave insightful and interesting presentations on various estates and trusts related topics. The STEP Canada/Canada Revenue Agency Round Table is….

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Canada Revenue Agency, Trusts

Income Splitting Loans: What’s the Use?

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We have blogged about 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 marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Spouse, Tax Issues, Uncategorized

Gift of securities by executors of a will (continued)

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The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual.  The information that follows is based on a revised set of facts The taxpayer died in 2016.  His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to charitable organizations but giving the co-executors the flexibility….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

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Under the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns” to be filed under certain circumstances). Further, there is currently no requirement for the trust to report the specific identity….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Tax Issues, Trustee, Trusts, Uncategorized, United States

Clawback of Old Age Security

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The Canada Revenue Agency (CRA) was reminded by a taxpayer recipient of the Old Age Security pension (OAS) about a perceived lack of fairness when required to include the dividends received at a grossed-up amount when calculating net income rather than only including the actual amount of dividends received. The taxpayer felt this was unfair because their net income was used to calculate the reduction his or her OAS. In….

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Canada Revenue Agency, Tax Issues
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