Total 280 Posts
The CRA was asked if a deceased registered pension plan (“RPP”) member’s pension benefit could be transferred tax-free to the registered disability savings plan of the RPP member’s financially dependent infirm child .
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Registered Disability Savings Plan Rollover – Or Not Continue Reading »
Canada Revenue Agency, Dependant Support, Disability, Estate Planning, Tax IssuesRecently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….
TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, TrustsThe Department of Finance released a Notice of Ways and Means which included amendments to the tax rules of interest to executors. On such amendment dealt with the security option benefit of the deceased.
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Stock options held at death Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax IssuesBorrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules surrounding tax free savings accounts (“TFSA”) Contribution room for an individual’s TFSA is the total of the TFSA dollar amount for the year, unused room from prior years and withdrawals from the TFSA in the prior year. Note a withdrawal is a….
TFSA’s – a refresher on the Rules Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Property, Tax Issues, TrusteeThe Canada Revenue Agency (CRA) was asked if a distribution of certain property to beneficiaries is a taxable event, when an attribution rule (triggered by a beneficiary who contributed the property to the trust) ceases to exist?….
Trust distribution of Property Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesWhile we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you late file the elections and will the CRA accept them and re-assess accordingly? Recently the CRA was asked to comment….
LATE FILED ELECTION TO SPLIT PENSION INCOME Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, Trustee