Total 348 Posts
Typical advice to an executor would outline his or her duties, explain how to go about completing them, and then would end with a statement something along the lines of “and then your job as an executor will be complete”. And we all know that the role of an executor can be a complicated and drawn-out affair. Today’s blog is about an interesting situation that I recently came across where….
And then there was more… Continue Reading »
Estate Administration, ExecutorsNo, the government did not eliminate or claw back the principal residence exemption in the 2021 Budget, as had been speculated. Yet, there is a circumstance in which a taxpayer could face an unexpected tax burden in respect of a principal residence: when there is a change in use of a property. AS an executor, the expectation of a tax-free receipt on the sale of what was the deceased’s home may….
Tax on principal residence? How to plan for a change of use Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Property, Tax IssuesSeveral years ago, I wrote about probate planning involving the use of joint accounts. At the time, my father-in-law had just passed away and my mother-in-law, who survived him, was intent on paying the least amount of Estate Administration Tax (EAT). Jointly held property with a spouse or with one or more children, with a right of survivorship may not form part of the deceased’s estate and may be effective….
Joint accounts – continued Continue Reading »
Estate Administration and Probate Applications, Estate Planning, Executors, Family Conflict, Investments, Joint Tenancy, Probate Tax, Trustee, Trusts, Uncategorized, WillsGenerally the RRSP or RRIF of a deceased can be transferred by specific bequest under the terms of the deceased’s will to a qualifying survivor tax-free. A qualifying survivor would be the deceased annuitant spouse or common-law partner or a financially dependent child or grandchild. When payments from a deceased annuitant’s RRSP are paid to the annuitant’s estate and a qualifying survivor is a beneficiary of the estate, the deceased….
Some Ins and Outs of RRSPs & RRIFs Transfers on Death Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Investments, Property, RRSP, Tax Issues, Uncategorized, Wills
Today’s Executor is a Digital Executor The estates and trusts world has taken notice of the importance of digital assets—there is no question about that. Now that we know that an individual’s digital assets are something that advisors and clients alike need to consider for every estate planning matter, the estates and trusts industry as a whole needs to start to thinking about how to best plan for those digital….
Today’s Executor is a Digital Executor Continue Reading »
Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Succession Planning, Trustee, WillsA recent article discussed taxation anomalies that occur due to timing differences between when a trust receives a dividend and subsequently pays and allocates a dividend to a beneficiary. CRA view 2016-0647621E5 provides that when a trust receives a dividend in the year and subsequently pays and allocates the dividend to a beneficiary in the same year, the allocation of the dividend for tax purposes occurs on December 31 of the year because….
Inconsistency in CRA policy for dividends paid to a deceased beneficiary Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues