Estate Planning

Total 1076 Posts

CAN AN EDUCATIONAL ASSISTANCE PAYMENT BE MADE TO A DECEASED PERSON USING THE SIX MONTH Extension PROVISION CONTAINED IN THE INCOME TAX ACT

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Recently, The Canada Revenue Agency (“CRA”) was 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. The Act stipulates that one of the conditions for the registration of an RESP is that EAPs can only be paid to or….

CAN AN EDUCATIONAL ASSISTANCE PAYMENT BE MADE TO A DECEASED PERSON USING THE SIX MONTH Extension PROVISION CONTAINED IN THE INCOME TAX ACT Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, RESP, Tax Issues, Trusts

OHH, IT’S BEGINNING TO LOOK A LOT LIKE…YEAR END

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As this is my last blog for the 2015 year, I thought I’d take the opportunity to remind readers who are trustees of a discretionary family trust set up for the benefit of their family (or other persons) (referred to as “a trust”) that it is important they consider and document decisions to distribute income (including realized taxable capital gains) out to a beneficiary prior to December 31st. ….

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Estate Planning

A fond farewell

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For the past four years I have been a regular contributor to the All About Estates blog. Although I have thoroughly enjoyed being part of this collaborative process, this will be my last blog post entry. I have enjoyed working as part of the All About Estate teams and sharing our views. I will be continuing to blog regularly on estate law and related topics on the Sweatman Law Firm….

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Estate Planning

INCOME DISTRIBUTIONS AND CHARITABLE GIVING AND THE NEW PERSONAL TAX RATES

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If you are like most individuals at this time of the year, you probably don’t give too much thought to your taxes and perhaps putting it off until the filing deadline for tax returns approaches being in the spring of each year for most. For those who are beneficiaries of a trust for instance and expect to receive income distributions, or in a separate context, those who are developing a….

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Charitable Giving, Estate Administration, Estate Planning, Executors, Investments, Property, Succession Planning, Tax Issues, Trustee Compensation

Update on End of Life

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By now most of  us have heard that the Trudeau government is asking the Supreme Court to grant a six months extension to the deadline imposed last year as part of the Carter decision (see 2015 SCC 5). What this means is still unclear but adds to the speculation that the Trudeau government will be doing something about this issue – after further consultation, rather than just letting the Criminal….

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Capacity Law, Elder Care, Elder Law, Estate Planning, Geriatric Care Management, Power of Attorney

U. S. Estate Tax Closing Letter

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Canadian taxpayers are accustomed to receiving a notice of assessment after filing a tax return. In the federal context, a Notice of Assessment, is a statement from the Canada Revenue Agency notifying the taxpayer of among other items the amount of tax they owe, if any, the amount of tax already paid, if any, and tax credits received.

What if that return was a U. S. estate tax return to report an interest in U. S. situs property?….

U. S. Estate Tax Closing Letter Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Trustee, United States
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