Estate Administration

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Provincial residency of a Trust

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The Canada Revenue Agency (CRA) was asked if there was any change to their view regarding the application of the central management and control (CMC) test in establishing the residency of a trust for provincial income tax purposes in light of the decisions in Discovery Trust v. Canada and Boettger C. Agence du revenu du Québec.
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Canada Revenue Agency, Estate Administration, Estate Litigation, Estate Planning, Executors, Tax Issues, Trusts

RESP’s – A couple more wrinkles on EAP’s and AIP’s

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In a recent blog, I wrote that the Canada Revenue Agency (“CRA”) was asked whether the six month extension for making educational assistance payments (“EAPs”) out of a registered education savings plan (“RESP”) under the appropriate subsection of the Income Tax Act (the “Act”) can apply when the beneficiary under the plan is deceased and the answer was no because according to the CRA “any payment “to or for an….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, RESP, Tax Issues, Trusts

Pension Beneficiary Designations – Don’t Forget the Tax!

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In Will drafting, it is common to include beneficiary designations for life insurance, TFSAs and RRSPS/RRIFs, but sometimes pension plans are overlooked. If the client has a spouse (married or common law), the spouse will automatically receive the client’s pension survivor benefits pursuant to Ontario law. However, members of a plan generally have the ability to designate a non-spouse beneficiary to receive benefits in the event that they die with no spouse surviving. In Ontario, the ability to designate a beneficiary by Will to receive benefits from a pension plan on a member’s death is found in sections 50 and 51 of the Succession Law Reform Act…..

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Estate Administration, Estate Planning, Spouse, Tax Issues, Wills

Managing the 2015 tax year liability and when to make the payment

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Other bloggers have written in this forum on matters related to the tax liability of the deceased – how the liability is determined, when the payment is due, how to minimize the liability and on. Another decision to be made by the trustee is to determine how to fund the payment once the amount has been crystallized.
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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Real Estate, Tax Issues

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

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When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

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Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, Trusts
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