Executors

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Gift returned receipt required

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The Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a charitable foundation raising funds to support a specific college. The gift was made on the condition that the funds be….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Executors, Insurance, Philanthropy/Charitable Giving, Tax Issues

Multiple Wills – the West Coast version

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This Blog was written by: Natalie Rouse Most of us are familiar with the 1998 decision of Granovsky Estate v Ontario. The case has been the leading authority to permit planning with multiple Wills in Ontario. The use of multiple Wills is now an integral part of the estate planning process for business owners and professionals. It is a frequently used and effective strategy in order to save (and in….

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Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Uncategorized, Wills

Principal residence and the change in use

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It is not unusual for find the value of a deceased’s home makes up a significant part of their net worth and estate value on death. Often there is an automatic reliance on the principal residence exemption to tax exempt the gain on the deemed sale triggered on death.  What if during the person’s life the property was used for other purposes such as a home office, or day care….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Property, Real Estate, Tax Issues

Application of Attribution Rules to T1135 Reporting

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The Canada Revenue Agency (CRA) was asked to consider a situation where spouses A and B jointly acquired foreign property for $150,000.  A paid $75,000 in cash and gave $75,000 to his spouse to jointly buy the property.  The question asked was how would the income and gains be shown on the relevant foreign reporting form. The CRA confirmed in a technical interpretation that, provided the spouses had joint ownership….

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Canada Revenue Agency, Executors, Tax Issues

Death of taxpayer – timing of the final return

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Some timing relief is granted to the deceased’s personal representative when a death occurs before the deceased has filed a tax return to report income received in the year. Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. If the death….

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Canada Revenue Agency, Executors, Tax Issues, Uncategorized

Is Probate Required To Appear Before Tribunals?

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Does an estate trustee have to apply for probate in order to represent the estate before an administrative tribunal? Two administrative tribunals – the Workplace Safety Insurance Appeal Tribunal and the Humans Rights Tribunal have taken different positions. An estate trustee does not always require probate (the formal term is a certificate of appointment of estate trustee with a will). There are many good reasons for an estate trustee to….

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Estate Administration, Estate Administration and Probate Applications, Executors, Wills
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