Total 345 Posts
The Canada Revenue Agency made several interesting yet not surprising comments on corrective payments received by an estate.
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Clearance certificates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesIf someone has a second will pertaining to foreign assets, and the domestic executors either do not know about this second will, or cannot deal with the foreign executors on a timely basis, would the status of the estate as a graduated rate estate (GRE) be invalidated if only the domestic executors elected for the estate to be a GRE?
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More on Graduated Rate Estates Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, WillsOne of the many tasks associated with the administration of trusts is making sure all tax payments are made on a timely basis to protect the trust and its beneficiaries from avoid interest and penalties. In this regard, most trusts are required to make installment payments. Prior to 2016 only inter vivos trusts (other than grandfathered inter vivos trusts) were legislatively required to make instalment payments under the relevant sections….
TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES Continue Reading »
Estate Administration, Estate Planning, Executors, Interest, Property, Tax Issues, Trustee, TrustsWhere a will is drafted to create a testamentary spousal trust and the will provides that the final distribution date of the trust is three years after the death of the surviving spouse, would the trust be precluded from being a spousal trust.
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Delay in final distribution from spousal trust Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, WillsIn my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the exemption may or may not apply. As an executor or trustee, you may encounter these scenarios and it might be….
Principal Residence Exemption and some of the “What if’s” Continue Reading »
Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Joint Tenancy, Property, Real Estate, Tax Issues, Trustee, TrustsThe Canada Revenue Agency (CRA) was asked whether income allocated by a US trust to a resident of Canada retains its nature as a dividend…..
Income allocated by a US trust Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Investments, Tax Issues