Cottage

Total 28 Posts

Section 116 and Capital Distributions by Trust to Non-Resident

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When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition…..

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Canada Revenue Agency, Cottage, Estate Administration, Executors, International, Property, Real Estate, Tax Issues, Trusts

Planning the transfer of the a family vacation property

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This Blog was written by Natalie Melanson, Estate and Trust Advisor at MD Private Trust Company which is part of Scotia Wealth Management This long Canadian winter has finally come to an end and Canadians can look forward to some great spring and summer long weekends and vacations. With the summer season upon us, the transfer of vacation properties to the next generation may come to mind, particularly with the aging baby boomer….

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Cottage, Estate Planning

SALE OF PERSONAL RESIDENCE AFTER DEATH

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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….

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

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

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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….

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Canada Revenue Agency, Cottage, Estate Planning, Tax Issues, Trusts

Vacation Property – Keeping it in the family

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This Blog was written by Natalie Melanson, Estate and Trust Advisor at MD Private Trust Company which is part of Scotia Wealth Management As we are now nearing the end of September, we know or hear of many people who are in the middle of closing up their vacation homes for the season before the cold temperatures and snow arrives. Now that summer is over, this new season tends to make people….

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Cottage, Estate Planning

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

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Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of an alter ego trust, the settlor must be entitled to receive all the trust’s income that arises before death. In….

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Canada Revenue Agency, Cottage, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Real Estate, Succession Planning, Tax Issues, Trustee
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