Canada Revenue Agency

Total 281 Posts

Charitable donations made through a will

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In 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…..

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Canada Revenue Agency, Charitable Giving, Estate Planning, Trustee, Wills

Tax Reporting Obligations for Trustee and Executor Fees

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In general, the payment of amounts for services rendered triggers some form of tax reporting and often, an obligation on the payer to withhold and remit amounts on account of tax. Payments made to trustees and executors are no different.
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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, Executors, Liability, Passing Of Trustees’ and Executors’ Accounts, Trustee, Trusts

LONG TERM CARE INSURANCE – Is It An Overlooked Consideration in Your Estate Plan?

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Have you heard about Long Term Care Insurance and wondered what it was had a place in your estate plans? LONG TERM CARE INSURANCE is coverage which pays a daily benefit for care either at home or in a facility when two or more activities of daily living cannot be performed. ….

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Canada Revenue Agency, Estate Administration, Estate Planning

Tax relief and the cost of supporting elderly parents

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With an aging population and a strained social support system, many of us will be looked upon to provide some amount of financial support for an elderly person which, in some cases, may place a financial strain on the supporting individual. Not to be overlooked is the tax relief provided by both the federal and provincial governments. Generally speaking, tax relief for costs incurred by the elderly is delivered in….

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Canada Revenue Agency, Elder Care, Estate Planning, Geriatric Care Management
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