Total 348 Posts
The CRA was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible pension income that he or she receives in a taxation year with the deceased…..
Splitting Pension Income in Case of Death Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Spouse, Tax IssuesUntil recently, an individual selling his or her “principal residence” did not have to report anything on their tax return for the year of disposition. This is about to change…..
There is no place like home – time to report it! Continue Reading »
Canada Revenue Agency, Cottage, Executors, Real Estate, Tax Issues, TrusteeA couple of years ago a survey revealed that only 18% of first time executors were aware of the first step in the administration of an Estate – locate the Will….
Where do you look for an original Will and what do you do if you cannot find it?? Continue Reading »
Estate Planning, Executors, WillsThe 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, Trusts