Canada Revenue Agency

Total 280 Posts

Gift of securities by executors of a will

• • 1 Comment

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 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 to make donations if they wish.  His assets at the time of….

Gift of securities by executors of a will Continue Reading »

Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Tax Issues, Trustee, Uncategorized, Wills

RRSP’s and Early Withdrawals.

• • 3 Comments

Registered retirement savings plans (RRSP’s), introduced in 1965 by the way, are a great vehicle for retirement savings and a keystone found in most retirement and estate plans. It is one of the few ways to earn an income-tax reduction in your earning years (the amount you contribute is tax deductible). Income tax is paid on RRSP money when it is withdrawn, when you are likely in a lower-tax bracket…..

RRSP’s and Early Withdrawals. Continue Reading »

Canada Revenue Agency, Estate Planning, In the News, Investments

To vary or not to vary

• • 0 Comments

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts legislation, trustees were generally bound to administer the trust according to its terms.  Unless specifically allowed in the trust deed,….

To vary or not to vary Continue Reading »

Canada Revenue Agency, Executors, Tax Issues, Trustee, Trusts

What to do when a loved one dies?

• • 1 Comment

Believe it or not, this is the title of a recent release from the Canada Revenue Agency (“CRA”). Is there really a softer side to the CRA? Let’s face there is a lot to do after a loved one dies, and a lot of it not related to tax. But from experience, it does not take long for the subject to come up, which reminds me of the time I….

What to do when a loved one dies? Continue Reading »

Canada Revenue Agency, Estate Administration, Executors, In the News, Tax Issues

Death and TOSI Part 2: Spouses

• • 0 Comments

My past two blogs have looked at the December 13, 2017 draft legislation that amends and expands the tax on split income (“TOSI”) rules. In my last blog I outlined some of the special rules that apply (in the context of TOSI) to income and gains on property that is acquired as a consequence of death. A further special rule relates specifically to spouses. If an amount qualifies as an….

Death and TOSI Part 2: Spouses Continue Reading »

Canada Revenue Agency, Estate Planning, Family Conflict, Tax Issues

Medical assistance in dying

• • 0 Comments

The Canada Revenue Agency (CRA) was asked whether medical assistance in dying would be considered a medical service for the purpose of the medical expense tax credit (METC).  Not surprising, their answer was yes. In their view, the services for medical assistance in dying are medical services for the purpose of the METC when they are provided by a medical doctor or nurse practitioner as set out in the Criminal….

Medical assistance in dying Continue Reading »

Canada Revenue Agency, Elder Care, Executors, Geriatric Care Management, Trustee
Scroll to Top