Canada Revenue Agency

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For Whom the Bells Toll: It Tolls for Family Trusts?

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As we continue to absorb the draft legislation (together with explanatory notes and consultation paper) introduced by the Department of Finance to overhaul the system of taxation for private companies, some things have are becoming clear. If essentially enacted as currently drafted, the legislation will likely spell the end of family trusts for tax planning arrangements, particularly in the private company setting. Traditionally, for tax planning purposes, family trusts are….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

More from the CRA on Survivor Payments from TFSAs

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In my last post, I wrote about a recent Technical Interpretation from the CRA where the CRA was asked to consider whether a survivor payment could be made by an executor out of a deceased taxpayer’s TFSA (or, more specifically, former TFSA) to the deceased’s spouse in satisfaction of a legacy left to the spouse. In other words, in circumstances where the spouse was not the designated beneficiary of the….

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Canada Revenue Agency

Government Targets Tax Planning for Private Companies

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July 18, 2017 was a relatively quiet day in my office. That is until I received a flurry of emails regarding a release by the Department of Finance.  In particular, the Department of Finance issued draft legislation which, if passed, will significantly change the nature of tax planning for Canadian private companies and their shareholders.  The proposed changes will impact both current structures that many Canadian private companies have in….

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Canada Revenue Agency, Succession Planning, Tax Issues

The Principal Residence Exemption: Can you Divide and Conquer?

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Recently, the Canada Revenue Agency (‘CRA”) was asked for its opinion on a fact situation with implications on the availability of the principal residence exemption for tax purposes, that I think also has applicability to estate planning in general and to some of the issues one can encounter when trying to divide interests in a property for estate planning purposes in particular. The CRA was provided with the following scenario…..

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized

Family trust and double tax

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The Canada Revenue Agency (CRA) issued a technical interpretation on the tax treatment of trust income where there was a distribution from the trust to beneficiaries who weren’t entitled to the distribution in the first place. The trust was established for the benefit of children who were minors at the time of the trust distribution.  The trust agreement forbid the trustee(s) from making distributions to minor beneficiaries presumably to avoid the application….

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

Voluntary disclosures – changes are coming!

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Last week I met a couple who came in to see me for help with missed tax filings.  They were both aware of the potential for tax penalties and related interest on overdue tax and contemplated “leaving sleeping dogs lie”.  When asked how well they sleep at night, their response was “…not well”.  I said to them there may be an alternative solution. The Canada Revenue Agency (CRA) Voluntary Disclosures….

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Canada Revenue Agency, Executors, Tax Issues
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