Executors

Total 348 Posts

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

• • 0 Comments

Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. Generally speaking, a penalty starts at a minimum of….

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications Continue Reading »

Canada Revenue Agency, Estate Administration, Executors, In the News, International, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts, Uncategorized, United States

Canada Pension Plan Survivor Benefits

• • 0 Comments

It’s no surprise that when one spouse dies there may be a sharp decline in household income suggesting some time is spent planning for the change.  A recent article (http://www.advisor.ca/tax/tax-news/shedding-light-on-the-cpp-survivor-benefit-241094?email=yes) shed light on the CPP survivor benefit that is both interesting and worthy of note. A survivor for purposes of the CPP death benefit includes a common law spouse.  A common law spouse’s claim takes precedence over the claim of….

Canada Pension Plan Survivor Benefits Continue Reading »

Estate Planning, Executors, Trustee, Uncategorized

So, you want to be an Executor – Take Heed!

• • 0 Comments

Today’s blog was written by guest blogger Wendy Templeton. Wendy Templeton practices in the area of Wills, trusts, tax and estates at LLF Lawyers LLP in Peterborough. She is a well-known author and lecturer and currently contributes to the Diploma Program of the Society of Trust and Estate Practitioners of Canada (STEP), and Co-Chairs the five day intensive Will, Estate and Trust Fundamentals course sponsored by the Canadian Bar Association. It is….

So, you want to be an Executor – Take Heed! Continue Reading »

Estate Administration, Executors, Family Conflict, Trustee, Wills

Joint accounts – the good and the bad

• • 0 Comments

Earlier this year, my father-in- law left us suddenly.  While my in-laws were careful about planning for this day there was still some Estate Administration Tax (EAT) to be paid on the transfer of assets between spouses.  Armed with that experience, my mother-in-law is determined pay the least amount of EAT and asked about the use of joint accounts. Jointly held property with a spouse or with one or more….

Joint accounts – the good and the bad Continue Reading »

Estate Planning, Executors, Family Conflict, Probate Tax, Tax Issues

Lost Wills – More Complicated than Losing Your Keys

• • 0 Comments

Nobody is perfect – sometimes you lose your keys. Other times you lose your will. The problem is, by the time your estate trustee realizes the will is gone, you won’t be around to help look for it. The inability to find a testator’s will does not automatically result in the deceased’s estate being distributed on intestacy. In certain circumstances, a lost or destroyed will may be admitted for probate….

Lost Wills – More Complicated than Losing Your Keys Continue Reading »

Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Wills

55(2) and Pipeline Planning

• • 0 Comments

The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting a tax-free dividend received by a private company to proceeds of disposition for capital gain purposes – in other words,….

55(2) and Pipeline Planning Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Tax Issues
Scroll to Top