Estate Planning

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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

New Year, New You?

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Most peoples’ new year’s resolutions include going to the gym more often, eating healthier, losing weight, spending more time with family and friends, saving more money and getting more sleep, to name a few, but what about reviewing your estate plan? If you have experienced any significant changes in your family or financial circumstances in the past year, you should add reviewing your estate plan to your list of new….

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Estate Planning, Power of Attorney, Wills

Trust Allocations and Gifts to Family Members

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A common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the business, thereby utilizing their life time capital gains exemption and potentially saving several hundred thousand dollars in taxes payable on….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, Uncategorized

Your Family Trust Has a Non-Resident Beneficiary

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In today’s world of international families it is not uncommon for a Canadian family to have one or more members that are non-residents of Canada. When that same family has set up a Canadian discretionary family trust that is intended to benefit its members with, say distributions from a family business, a number of complexities arise for the administration of that family trust.  Often the trustees of such a family….

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Canada Revenue Agency, Estate Planning, Tax Issues, U.S. Citizen

TFSAs and the Non-resident

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With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a non-resident will beneficiary. If a Canadian tax resident has a TFSA and leaves Canada, the accumulated funds may remain in….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues
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