CPP AND OAS – A POSTCRIPT
CPP AND OAS – A POSTCRIPT Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Property, Tax IssuesCanada Revenue Agency
Total 280 Posts
Consider a voluntary disclosure where tax filings are either missing or incomplete
Your responsibilities as a trustee or executor of an estate may include completing the tax filings of the deceased and requesting tax clearance prior to the distribution of the estate in accordance with the will terms. Let’s say you find out that the deceased’s tax filings were not all up to date or incomplete and you have read about the possibility of tax penalties.
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TIME FOR A REFREEZE – PART 2
In my last blog, I wrote about how you might consider refreezing your existing freeze shares if the enterprise has recently declined in value, so that your chosen successors can participate sooner in the future growth of your enterprise and in the meantime your tax liability can be reduced on the disposition of those shares by you or your estate. Today I would like to write about how you might accomplish a refreeze and provide you with a few words of caution.
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TIME FOR A REFREEZE – PART 2 Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Small Business, Succession Planning, Tax IssuesTIME FOR A REFREEZE?
The freezing of current share value so that your chosen successors can easily participate in the future growth of your enterprise is a common estate planning technique. What if the value of the frozen shares now exceeds the value of the enterprise as a whole?
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TIME FOR A REFREEZE? Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Planning, Investments, Liability, Small Business, Succession Planning, Tax IssuesTax liability of the deceased
On occasion, the deceased’s estate may not have the cash to cover the tax liability because the assets of the estate are not “liquid” – perhaps valuable real estate. There is a way to defer the payment which requires action on or before the balance due date…..
Tax liability of the deceased Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Interest, Liability, Property