Total 280 Posts
A recent Canada Revenue Technical Interpretation confirmed that the tax owed by an estate should first be recovered from the named beneficiaries of the deceased registered plans…..
Tax Liability of a Deceased Taxpayer Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Liability, TrusteeMore often than not the lost items relate to trusts and estates which have made filings without an account number. If and when found by the CRA, the agency would look to assess penalties and interest for late submissions…..
Trust and estate account numbers Continue Reading »
Canada Revenue Agency, Estate PlanningIf you have a “single-purpose” corporation for U.S. estate tax planning, this may be a good time to explore an alternative way of holding U.S. real estate…..
ALTERNATIVES TO ‘SINGLE-PURPOSE’ CORPORATION FOR U.S. ESTATE TAX PLANNING Continue Reading »
Canada Revenue Agency, Canadian and US Tax Treaty, Estate Planning, Investments, IRS, Property, Succession Planning, Trusts, United States, US TaxesAwhile ago , I wrote that payments made to trustees and executors usually trigger some form of tax reporting and often, an obligation on the payer to withhold and remit amounts on account of tax. Thanks to some welcome and practical feedback from a concerned blogger, I would like to add a few comments.
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TAX REPORTING OBLIGATIONS FOR TRUSTEE AND EXECUTOR FEES – FOLLOW UP Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Liability, Trustee, TrustsWhen Gertrude Janeway died in 2003, she was still getting a monthly cheque for $70 from the Veterans Administration for a military pension earned by her late husband, John, on the union side of the American civil war that ended in 1865…..
Spousal Trusts work for the short or long term Continue Reading »
Canada Revenue Agency, Estate Planning, Spouse, Trustee, TrustsIn many cases, a deceased person will include charitable bequests in their will. The executor(s) of the estate may not, however, be in a position to honour the bequest in a timely fashion due to the lack of available estate funds on hand. In not all cases will this action (or inaction) frustrate the completion of the final personal tax return…..
Charitable donations made through a will Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Planning, Trustee, Wills