Executors

Total 345 Posts

Tax returns for deceased persons

• • 0 Comments

The Canada Revenue Agency (CRA) will occasionally post requests to help improve the Agency’s processing efficiency. Recent posts caught my attention given their application to returns for deceased individuals. Date of Death The CRA noticed that tax preparers occasionally include a deceased person’s date of death on the living spouse’s tax return. This may result in the CRA mistakenly recording the living spouse as deceased. This error can cause major….

Tax returns for deceased persons Continue Reading »

Canada Revenue Agency, Executors, Tax Issues, Uncategorized

Death, taxes and cryptocurrency

• • 1 Comment

Everyone knows that you can’t avoid the tax collector, and death is no exception.  Under the Canadian Income Tax Act, on the death of an individual subsection 70(5) will trigger a deemed disposition of all the deceased taxpayer’s capital property at fair market value thus taxing any accrued capital gains in the deceased’s final tax return.  There is an exception to this deemed disposition rule which will defer the taxation….

Death, taxes and cryptocurrency Continue Reading »

Estate Planning, Executors, Tax Issues

Death Benefit Payments

• • 0 Comments

The Canada Revenue Agency (CRA) recently released a translated technical interpretation with helpful guidance on the tax treatment of a death benefit payment in certain specific situations. A death benefit is income of either the estate or the beneficiary who receives it. Up to $10,000 of the total of all death benefits paid (other than CPP or QPP death benefits) is not taxable. The CRA had the following to say….

Death Benefit Payments Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Small Business, Tax Issues

Dude, Where’s My Car? – How to Transfer the Ownership of a Deceased Person’s Vehicle to a Beneficiary in Ontario

• • 0 Comments

More often than not, we come across the following question from an Executor: How do I transfer the ownership of the deceased’s vehicle where the deceased specifically named a beneficiary in the Will? This seems like a fairly simple process but as I’ve learned over time, nothing is as simple as it seems. This can be a time consuming and frustrating process for the Executor. Please note that for the….

Dude, Where’s My Car? – How to Transfer the Ownership of a Deceased Person’s Vehicle to a Beneficiary in Ontario Continue Reading »

Estate Administration, Estate Planning, Executors, Wills

The Mysteries of Probate, Revealed

• • 0 Comments

Of all the questions I am asked about the administration of estates, the ones that come up the most frequently are: “what is probate?”; “how do I know if I need probate?”; and “what’s involved in applying for probate?” Herein – the answers…..

The Mysteries of Probate, Revealed Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Practice Management, Probate Tax, Succession Planning

Professional fees incurred in the context of a litigation with CRA

• • 0 Comments

On occasion, the personal representative of an estate may have to incur costs to either settle or disclose a matter with the Canada Revenue Agency (CRA). In a translated technical interpretation, the CRA provided some of its own guidance on how to navigate the relevant rule in the Income Tax Act (ITA). The ITA generally permits a deduction in computing a taxpayer’s income for a taxation year for amounts paid….

Professional fees incurred in the context of a litigation with CRA Continue Reading »

Canada Revenue Agency, Costs, Estate Administration, Executors, Tax Issues, Trustee
Scroll to Top