Estate Planning

Total 1065 Posts

Taxable Income of an Estate: Can it be Distributed?

•

Suppose a straightforward will with very simple instructions to the executor: The executor is to pay the debts and expenses of the deceased, execute certain specific bequests of property and with some general instructions, distribute the residue of the estate to the named beneficiaries. During the administration of an estate, taxable income is generated during the course of paying all the debts and executing the specific bequests. Because it might….

Taxable Income of an Estate: Can it be Distributed? Continue Reading »

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

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX

•

Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts

Charitable Donation Tax Credits – When Can They Be Utilized?

• • 1 Comment

Many individuals make donations to charities in their Wills. Not only does this fulfill philanthropic goals, but it also provides a tax benefit. Making a charitable gift by will provides donation tax credits which can be used to offset the deemed disposition of capital property that occurs on death…..

Charitable Donation Tax Credits – When Can They Be Utilized? Continue Reading »

Estate Planning, In the News, Wills
Scroll to Top