Estate Administration

Total 501 Posts

Wine and Estates Revisited

• • 2 Comments

When I last wrote about wine and estates it was 2019. A distant epoch. The Canadian situation has changed dramatically since then. Not only have I been drinking more and better wine (I’m not alone), but the secondary wine market has changed. It’s more liquid, if you will. This is helpful to wine collectors and executors. What’s Changed? The pandemic lock downs of 2020 disrupted long-held, post-prohibition rules around wine….

Wine and Estates Revisited Continue Reading »

Estate Administration, Estate Planning, Philanthropy/Charitable Giving, 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

Software Applications as Aids to the Estates Advisor

• • 0 Comments

Software Applications as Aids to the Estates Advisor For all of us advisors, there are likely certain types of software applications that we use for our day-to-day tasks: perhaps its Microsoft Outlook for sending emails, or a timekeeping software for recording dockets. And although these programs are leaps and bounds beyond what our advisor ancestors could have imagined for themselves a hundred years ago, as we head deeper into the….

Software Applications as Aids to the Estates Advisor Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Fiduciary Professions, Passing Of Trustees’ and Executors’ Accounts, Trustee, Wills

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

TIPS ON BRINGING A PASSING OF ACCOUNTS APPLICATION – PART 5 (FINAL THOUGHTS)

• • 0 Comments

Today’s blog will wrap up my series of blogs related to bringing an application to pass accounts (the “Passing Application”).[1]  We will look at how an Executor/Trustee completes the Passing Application and obtains a judgment on passing of accounts. A Passing Application will either proceed without a court hearing, if no notices of objection to the accounts were filed or if objections were filed but were formally withdrawn OR with….

TIPS ON BRINGING A PASSING OF ACCOUNTS APPLICATION – PART 5 (FINAL THOUGHTS) Continue Reading »

Estate Administration, Estate Litigation
Scroll to Top