Estate Planning

Total 1068 Posts

RRSP’s and Early Withdrawals.

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Registered retirement savings plans (RRSP’s), introduced in 1965 by the way, are a great vehicle for retirement savings and a keystone found in most retirement and estate plans. It is one of the few ways to earn an income-tax reduction in your earning years (the amount you contribute is tax deductible). Income tax is paid on RRSP money when it is withdrawn, when you are likely in a lower-tax bracket…..

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Canada Revenue Agency, Estate Planning, In the News, Investments

SPOUSAL SUPPORT AND BEYOND?

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I was traipsing thru some estate journals and articles recently and I stumbled upon the reporting of a recent matrimonial case which gave me pause, and to many practitioners in estate and matrimonial matters, I am sure. Practitioners have long held the view that entitlement to spousal support under most matrimonial settlements do not survive the death of the spouse receiving the support.  As one Justice noted in a recent….

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Contracts, Estate Administration, Estate Litigation, Estate Planning, Executors, In the News, Separation, Spouse, Uncategorized

Death and TOSI Part 2: Spouses

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My past two blogs have looked at the December 13, 2017 draft legislation that amends and expands the tax on split income (“TOSI”) rules. In my last blog I outlined some of the special rules that apply (in the context of TOSI) to income and gains on property that is acquired as a consequence of death. A further special rule relates specifically to spouses. If an amount qualifies as an….

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Canada Revenue Agency, Estate Planning, Family Conflict, Tax Issues

SHAREHOLDER REMUNERATION PLANNING

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Business owners-managers put money in and take money out on a regular basis during the year, and at the same time often use the business bank account for what may appear to be personal expenditures. This often leads to shareholder advance balances at year end and some major bookkeeping challenges to boot. These balances are often part of the consideration to determine shareholder bonuses and dividends at year-end, the characterization….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Planning, Investments, IRS, Small Business, Tax Issues, Uncategorized

Estate income entitlement

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With the filing deadline for trust tax returns fast approaching, it is a good idea to take a look at some recent tax news which may be of some interest to executors. The Canada Revenue Agency (CRA) was recently asked their view on whether a beneficiary of an estate has the right to income of an estate after the estate has passed the end of the “executor’s year” such that….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Wills

The winds of change

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As tax and estate planning goes, advisors look for signs of things to come and events to happen.  We have started to hear rumblings about rising interest rates perhaps suggesting some action may be required where prescribed rate loans are involved. Last week I was alerted to the fact the Bank of Canada posted the average yield on 3 month treasury bills 1.17%.  Should the average yield at the January….

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Estate Planning, Interest, Tax Issues, Uncategorized
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