Total 1065 Posts
The Canada Revenue Agency (CRA) was asked if a distribution of certain property to beneficiaries is a taxable event, when an attribution rule (triggered by a beneficiary who contributed the property to the trust) ceases to exist?….
Trust distribution of Property Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesNo matter who wins the election, any changes to the U.S. Estate tax system won’t likely happen right away but one thing is certain, this election has being very taxing on everyone.
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Tomorrow is Election Day in the U.S. Continue Reading »
Estate Planning, In the News, Tax Issues, United States, US TaxesDating back to the 12th century when the English court of equity created the concept of the “use”, which in modern day is known as the “trust”, trusts have been an important tool in estate planning for both tax and non-tax reasons. Prior to January 1, 2016, testamentary trusts had enhanced tax benefits for purposes of incorporating into an estate plan. Effective January 1, 2016, changes to the Income Tax Act (the “ITA”) eliminated one of these enhanced tax benefits that testamentary trusts offered, leading practitioners to ask whether testamentary trusts continue to serve a purpose in a individual’s estate plan…..
Testamentary Trusts – Are they Dead? Continue Reading »
Estate Planning, TrustsWhile 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….
LATE FILED ELECTION TO SPLIT PENSION INCOME Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, TrusteeAn incredibly useful and sometimes overlooked tool in planning for a client with a disabled loved one is the Registered Disability Savings Plan (“RDSP”). Here are a few key facts to know in discussing RDSPs with your client:[1] To qualify for an RDSP, the beneficiary must be eligible for the disability tax credit (“DTC” ). A person will be eligible for the DTC only if a medical practitioner (usually the….
Registered Disability Savings Plans – Don’t Overlook Them! Continue Reading »
Estate PlanningThe CRA was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible pension income that he or she receives in a taxation year with the deceased…..
Splitting Pension Income in Case of Death Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Spouse, Tax Issues