Executors

Total 345 Posts

GAAR and 21-year rule planning

• • 0 Comments

The Canada Revenue Agency (CRA) was asked to comment on the implications of a transfer of property from a discretionary trust (Old Trust) to a Canadian corporation wholly owned by a new discretionary trust (New Trust). The 21-year deemed disposition rule provides that every 21 years in a family trust’s life, the CRA looks at the property in a trust as if it were the property of someone who had….

GAAR and 21-year rule planning Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Trusts

Settlement Payments Determinable After Death

• • 0 Comments

The Canada Revenue Agency (CRA) was asked whether certain settlement payments are taxable in the hands of the deceased taxpayer where a taxpayer dies prior to obtaining a determinable right to the payments. A class action lawsuit was brought forth on behalf of former members of the Canadian Forces.  A 2013 Court Order outlined the terms of the settlement of the class action lawsuit, with the exception of one outstanding….

Settlement Payments Determinable After Death Continue Reading »

Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Taxable Income of an Estate: Can it be Distributed?

•

Suppose a straightforward will with very simple instructions to the executor: The executor is to pay the debts and expenses of the deceased, execute certain specific bequests of property and with some general instructions, distribute the residue of the estate to the named beneficiaries. During the administration of an estate, taxable income is generated during the course of paying all the debts and executing the specific bequests. Because it might….

Taxable Income of an Estate: Can it be Distributed? Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Trusts, Wills

TO ADVERTISE, OR NOT TO ADVERTISE – THAT IS THE BLOG FOR TODAY

•

When an individual dies with debts, it is the obligation of the executor to determine the extent and veracity of those debts and to take steps to satisfy them. If an executor distributes the assets of the estate without taking appropriate steps to address outstanding debts, s/he may be personally liable to satisfy them. ….

TO ADVERTISE, OR NOT TO ADVERTISE – THAT IS THE BLOG FOR TODAY Continue Reading »

Estate Administration, Executors

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX

•

Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts
Scroll to Top