Canada Revenue Agency

Total 280 Posts

OAS Planning

• • 0 Comments

The Old Age Security (“OAS”) pension is a monthly payment you can get if you are 65 years of age or older. In many cases, Service Canada will automatically enroll you in the year prior to your 65th birthday. To the occasional surprise of some folks, the receipt of OAS is subject to a claw back if “adjusted” income exceeds a certain threshold ( approximately $78,800 for 2021 income year)….

OAS Planning Continue Reading »

Canada Revenue Agency, Estate Planning, Investments, Loans, Tax Issues, Trusts, Uncategorized

Beneficial ownership reporting – don’t rush to wind-up the trust

• • 0 Comments

Proposed trust reporting rules I have read a number of articles published throughout 2021 stating that the new proposed trust reporting rules are coming.  Under the proposed new trust reporting rules, express trusts are required to report the beneficial ownership information to Canada Revenue Agency (CRA) and unless the Department of Finance changes the effective date for trusts that have a taxation year ending after December 30th, 2021, then the….

Beneficial ownership reporting – don’t rush to wind-up the trust Continue Reading »

Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized

SALE OF PERSONAL RESIDENCE AFTER DEATH

• • 1 Comment

Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?The Income Tax Act (“ITA”) deems a person to have disposed of their principal residence for proceeds equal to its fair….

SALE OF PERSONAL RESIDENCE AFTER DEATH Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Uncategorized

The executor’s year – taxation “not made” simple

• • 0 Comments

Determining the bearer of the tax burden on income earned in an individual’s estate is not as simple as one might think. There are some basic taxation rules that apply to an estate which result in either the estate or the beneficiaries becoming ultimately liable for the tax. The tax burden An estate is responsible to pay tax on the income earned from assets held by the estate where the….

The executor’s year – taxation “not made” simple Continue Reading »

Canada Revenue Agency, Estate Administration, Executors

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc

• • 0 Comments

Do digital assets  e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens,  qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue came to my attention recently when a client asked me to assist him with a formal request to reverse a….

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc Continue Reading »

Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, Uncategorized

The Chronicles of an Estate Plan: The Settlor, the Kids and the Cottage

• • 0 Comments

Alter-ego and joint-spousal[1] trusts are inter-vivos trusts commonly used in estate plans to hold legal title of assets for the benefit of the individual and/or their spouse, prior to death, accomplishing some of the following benefits: avoiding probate, providing privacy, expediency of inheritance distribution, and minimization of legal challenge on estate assets. Tax deferred transfer The transfer of assets to these trusts are accomplished on a tax-deferred basis by relying….

The Chronicles of an Estate Plan: The Settlor, the Kids and the Cottage Continue Reading »

Canada Revenue Agency, Cottage, Estate Planning, Tax Issues, Trusts
Scroll to Top