Executors

Total 345 Posts

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

Do I need to apply for a trust account number?

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Attention turns to the filing of T3 trust income tax and information returns with the end of March in sight.  If you are trustee of a new Trust you may wonder if an identification number is required? Like a social insurance number or a business number, the trust identification number serves as way for the Canada Revenue Agency (CRA) to identify the Trust in its assessments, associate payments received and….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Estate Distributions

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During the administration of an estate, taxable income can be generated in the form of interest, dividends, capital gains, etc. after all debts and specific bequests have been paid. The Canada Revenue Agency (CRA) was asked if an estate could distribute the remaining taxable income to the residual beneficiaries. The CRA confirmed that the ability of an estate to distribute the remaining taxable income to the residual beneficiaries would depend on….

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Canada Revenue Agency, Estate Administration, Executors

Dismal Results for Dreadful Estate Trustee

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A recent case of the Ontario Superior Court (Silva et. al v. Silva (Estate of)) demonstrates the wide remedies available to beneficiaries whose interests have been prejudiced by the misconduct of an estate trustee. Jose Lima Silva died without a will on June 24, 2015. He was survived by 5 children and appointed one of his sons, the respondent, as the estate trustee of his estate. The other four adult….

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Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Uncategorized
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