Total 1065 Posts
The Canada Revenue Agency (CRA) was asked whether income allocated by a US trust to a resident of Canada retains its nature as a dividend…..
Income allocated by a US trust Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Investments, Tax IssuesA Trust Company is the only legal entity that can act as a trustee by holding property in trust for such functions as executors, trustees, and administrators of estates and personal trusts…..
Will Drafting Ideas From a Different Perspective Continue Reading »
Estate Administration, Estate Planning, Executors, Trustee, WillsIn my last blog I noted that at the recent STEP conference, representatives of the Canada Revenue Agency confirmed that the introduction of the new qualified disability trust (“QDT”) rules had not restricted the ability to use the preferred beneficiary election, provided the requirements for the preferred beneficiary election are otherwise met. In this blog I will outline in more detail the elements of the preferred beneficiary election. The definition….
THE PREFERRED BENEFICIARY ELECTION Continue Reading »
Estate PlanningWe know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence for a taxation year is that it must be “owned” by the taxpayer. In common law jurisdictions, two forms of….
PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE Continue Reading »
Canada Revenue Agency, Capacity Law, Estate Administration, Estate Planning, Investments, Joint Tenancy, Liability, Property, Real Estate, Tax Issues, TrusteeThese virtual accounts are all “property” that an individual can own at the time they pass away. Unfortunately, because they are usually unknown to anyone but the owner and because they are otherwise not tangible, with little in the way of any form of physical record of their existence, they can also be lost to the virtual world unless the owner takes appropriate steps prior to his or her death…..
What do all of: Facebook, Linked-In, I-Tunes, Bitcoins, have in common? Continue Reading »
Estate PlanningThe Canada Revenue Agency (CRA) recently ruled in respect of a post-mortem “pipeline” transaction involving a private corporation whereby the children of that last-to-die parent received valuable shares of a private corporation where the deceased had reported a deemed disposition gain on their final income tax return.
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Post Mortem Pipeline Planning – Good Things Come to Those Who Wait Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Tax Issues