Estate Administration

Total 498 Posts

DEATH BENEFITS: CAN THEY BE APPLIED TO THE INCORPORATED OWNER-OPERATOR?

A death benefit is an amount received after a person’s death for their employment service. In general, any amount up to $10,000 received is not subject to tax, pursuant to regulations contained in the Income Act (“ITA”). What if the deceased was the sole shareholder of a corporation and received a death benefit? Recently, the Canada Revenue Agency (“CRA”) was asked to consider two scenarios: 1. The sole individual shareholder….

DEATH BENEFITS: CAN THEY BE APPLIED TO THE INCORPORATED OWNER-OPERATOR? Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Probate Tax, Small Business, Tax Issues, Uncategorized

OFFSHORE ESTATE PLANNING AND MONEY TRANSFERS: A WORD OF CAUTION

Just I am completing my personal income tax return and assisting many others with theirs, I continue to cling to the belief that most Canadians pay their fair shares of taxes. However, it appears many do not by “hiding” their money in offshore tax havens, sometimes under the guise of estate planning. There has been a lot of publicity in the past couple of years on how wealthy individuals around….

OFFSHORE ESTATE PLANNING AND MONEY TRANSFERS: A WORD OF CAUTION Continue Reading »

Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, In the News, Investments, Tax Issues, Uncategorized

QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION?

Recently, the Canada Revenue Agency (“CRA”) issued a “how to file” the joint election for a trust to be a QDT: http://www.cra-arc.gc.ca/E/pbg/tf/t3qdt/README.html From 2016 forward, this form is to be used if one or more beneficiaries are jointly electing that the trust be designated to be QDT for the year. The form should be filed with the trust return (T3) for the year. The filing of a joint election designates….

QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION? Continue Reading »

Capacity Law, Disability, Estate Administration, Guardianship, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Taxpayers have rights too!

As a Canadian taxpayer either alive or their estate, you (or your personal representative) has rights in your dealing with the Canada Revenue Agency (CRA) as follows: To receive entitlements and to pay no more and no less than what is required by law. To service in both official languages. To privacy and confidentiality. To a formal review and a subsequent appeal. To be treated professionally, courteously and fairly. To….

Taxpayers have rights too! Continue Reading »

Canada Revenue Agency, Costs, Estate Administration, In the News, Trustee, Uncategorized

CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….

CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE Continue Reading »

Canada Revenue Agency, Charitable Giving, Estate Administration, Estate Donations, Estate Planning, In the News, Property, Tax Issues, Uncategorized

Who wants to live forever……………through a digital bot version of themselves?

This Blog was written by Robert Boyd Absurd as the title may suggest, this is a possibility. The technology now exists for a robot to tweet, send and reply to text messages and post on social media profiles after a person’s death. The Artificial Intelligence(AI) will mimic the deceased’s personality and recreate communications in the same style as they would while they were alive, even taking on their sense of….

Who wants to live forever……………through a digital bot version of themselves? Continue Reading »

Estate Administration, In the News, Uncategorized
Scroll to Top