Total 497 Posts
In many cases, the deemed disposition rules cause significant tax liabilities in the year of death. In this case, some relief is available in the sense that income taxes owing for the year of death may be paid in annual instalments (not exceeding ten) with non deductible interest charged at the prescribed rate from the day taxes should have been paid. ….
Payment of Tax Continue Reading »
Canada Revenue Agency, Estate Administration, Estate PlanningGenerally speaking, where property is directly transferred upon death to the deceased’s spouse or common-law partner or a trust for their benefit, such transfers are automatically transferred at cost amount or tax cost amount pursuant to the provisions of the Income Tax Act and no taxable gains on the transfer are incurred. However, there may good reason to elect out of these provisions to trigger taxable capital gains.
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Spousal Rollovers On Death Continue Reading »
Estate Administration, Estate Planning, Executors, Investments, Small Business, TrustsThe Accountant of the Superior Court of Justice-how does the fiat procedure work? What types of fees does the Accountant of the Superior Court of Justice charge for funds they hold in trust? A recent OBA program addressed these issues and more…..
So you are a Canadian citizen and resident, surely ‘Uncle Sam’ has no right to your Estate on your death. Unfortunately ‘Uncle Sam’s’ arm – his estate tax arm that is – can reach across the border to impose taxes on the Estate of a non-resident/non-citizen of the United States…..
So you think you can Avoid ‘Uncle Sam’ part II… Continue Reading »
Canadian and US Tax Treaty, Estate Administration, IRS, United States, US Taxes