Estate Administration | All About Estates

LATE FILED ELECTION TO SPLIT PENSION INCOME

Steven Frye • November 1, 2016

While we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you late file the elections and will the CRA accept them and re-assess accordingly? Recently the CRA was asked to comment….

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Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, Trustee

PASSING OF ACCOUNTS – PART II “HOW IS IT DONE?”

Paul Fensom • October 31, 2016

In my previous blog post, I discussed the “what” and “why” of a passing of accounts. In this blog, I will provide a quick refresher on the technical process for a passing of accounts….

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Estate Administration, Passing Of Trustees’ and Executors’ Accounts

ATTRIBUTION RULES AND PLANNING REVISITED

Steven Frye • October 18, 2016

Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, Trusts

Family Conversations and Broken Telephone

Audrey Miller • September 28, 2016

Communication is often the key to a successful relationship. This holds true for discussions held between parents and their adult children but when it comes to ‘having the talk’ about aging and caring, there seems to be a broken telephone………

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Elder Care, Estate Administration, Estate Planning, Power of Attorney

Is a gift in a will to a fake name valid?

Michael Rosen • September 21, 2016

In a recent episode of the Starz TV show The Girlfriend Experience, an unusual estate administration issue arose (mild spoilers ahead). The show tells the story of Christine Reade (Riley Keough), a law student and intern who secretly moonlights as a high end escort in Chicago (a thinly disguised Toronto serves as the shooting location). One night, Christine gets a call from Peter Gramercy, a lawyer for the estate of one….

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Estate Administration, Estate Litigation

Post Mortem Pipeline Planning – Business Continuity

Steven Frye • September 20, 2016

Recently, a fellow blogger wrote about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the form of a dividend. In this sense, the use….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Property, Real Estate, Succession Planning, Tax Issues