Total 280 Posts
The Canada Revenue Agency was recently asked if income or capital from a proposed spousal trust that was to be used to pay life insurance premiums on a spouse’s life would disqualify the trust from ever being a spousal trust eligible for rollover of property upon creation of the trust.
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Spousal trust and life insurance Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Insurance, Spouse, TrusteeIf you have been a regular reader of our blogs, then I am hoping you have learnt more than a few things about estates and trusts. At the very least, I expect that you now have a will if you didn’t before with executor(s) appointed and beneficiary (ies) designated and so on. What if someone you know or know of dies intestate i.e. without a will and you are asked….
DYING INTESTATE AND TAX FILINGS Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, WillsThe new Canadian tax rules concerning charitable donations of graduated rate estates restrict those donations to gifts of properties acquired by an estate as a result of the death of an individual or of properties substituted for those properties.
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Charitable Donations by Graduated Rate Estates – Substituted Property Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Property, Tax Issues, WillsRecently, The Canada Revenue Agency (“CRA”) was whether the six month extension for making educational assistance payments (“EAPs”) out of a registered education savings plan (“RESP”) under the appropriate subsection of the Income Tax Act (the “Act”) can apply when the beneficiary under the plan is deceased. The Act stipulates that one of the conditions for the registration of an RESP is that EAPs can only be paid to or….
Family matters, but whom does it include? The Tax Court of Canada (“TCC”) and the Canada Revenue Agency (“CRA”) recently separately considered questions along this line of inquiry…..
Family Matters Continue Reading »
Canada Revenue AgencyCanadian taxpayers are accustomed to receiving a notice of assessment after filing a tax return. In the federal context, a Notice of Assessment, is a statement from the Canada Revenue Agency notifying the taxpayer of among other items the amount of tax they owe, if any, the amount of tax already paid, if any, and tax credits received.
What if that return was a U. S. estate tax return to report an interest in U. S. situs property?….
U. S. Estate Tax Closing Letter Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Trustee, United States