Estate Administration

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What to do when a loved one dies?

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Believe it or not, this is the title of a recent release from the Canada Revenue Agency (“CRA”). Is there really a softer side to the CRA? Let’s face there is a lot to do after a loved one dies, and a lot of it not related to tax. But from experience, it does not take long for the subject to come up, which reminds me of the time I….

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Canada Revenue Agency, Estate Administration, Executors, In the News, Tax Issues

No Good Deed Goes Unpunished

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The phrase “No good deed goes unpunished” is often attributed to Clara Boothe Luce, an American Dramatist, who was the first American woman appointed to a significant ambassadorial post abroad. Today it is often used to express the idea that beneficial actions often go unappreciated or are met with hostility.  The decision of the Ontario Court of Appeal in Teixeira v. Markgraf Estate, 2017 ONCA 819 no doubt left Arlindo….

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Elder Care, Estate Administration, Estate Litigation, Trustee

Estate income entitlement

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With the filing deadline for trust tax returns fast approaching, it is a good idea to take a look at some recent tax news which may be of some interest to executors. The Canada Revenue Agency (CRA) was recently asked their view on whether a beneficiary of an estate has the right to income of an estate after the estate has passed the end of the “executor’s year” such that….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Wills

Post-Death Decline in the Value of RRSP or RRIF: What Happens?

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Generally, when an annuitant of a Registered Retirement Savings Plan (“RRSP”) or a Registered Retirement Income Fund (“RRIF”) dies, the Canada Revenue Agency (“CRA”)  will consider that the annuitant received, immediately before death, an amount equal to the fair market value (“FMV”) of the property held in the RRSP or RRIF at the time of death. This amount and all other amounts the annuitant received from the RRSP or RRIF….

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Canada Revenue Agency, Estate Administration, Tax Issues, Uncategorized

2017 – Fake News & Fidget Spinners

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This is my 8th annual year end investment review for Trusts. As I have indicated in the past, Trustees are accountable for a prudent investment policy. This includes a review of the performance of the investments in the Trust. For Trusts that hold a portfolio of marketable securities, a fundamental element of the review includes a comparison of the performance of the investments in the Trust against relevant benchmarks. For….

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Estate Administration, Investments, Uncategorized

Withdrawal of RRSP Over-Contributions After Death

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When an annuitant of a RRSP makes over-contributions (or unused contributions) to his or her RRSP and wants to withdraw them without penalty, the Canada Revenue Agency (“CRA”) will permit the annuitant to withdraw the over contributions and claim a deduction accordingly, as long as the CRA can be shown that the annuitant intended to fully deduct the contributions in the year made or the year before, or the contributions….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Tax Issues
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