Executors | All About Estates

INCOME FROM TRUST – WHEN PAYABLE IS NOT PAID

Steven Frye • February 23, 2016

Fellow bloggers and I have written in the past about how income from a Trust is not deemed payable to a beneficiary (pursuant to relevant sections of the Income tax Act) unless it has been paid to the beneficiary or the beneficiary has the legal right to demand payment during the year. Recently, the Canada Revenue Agency (“CRA”) was asked to review a hypothetical situation related to this issue which….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Trusts

Leap Year and the Tax Filing Deadline

Derek de Gannes • February 16, 2016

With 2016 being a leap year there is an extra day in February which means there is further action required for those responsible for filing trust income tax and information returns…..

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Canada Revenue Agency, Estate Administration, Executors, Liability, Tax Issues

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge!

Steven Frye • February 9, 2016

Last fall I wrote about the Supreme Court of Newfoundland and Labrador being asked to rule on the specific issue of residency which would have significant tax implications to the trust depending on the Court’s determination. In Discovery Trust vs Canada (National Revenue), 201201G6615, at issue was whether a trust was a resident of Newfoundland and Labrador where the beneficiaries resided or in Alberta where the trustee was a resident…..

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, In the News, Liability, Property, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills

Income amount payable to a beneficiary

Derek de Gannes • February 2, 2016

In many cases, amounts of trust income are allocated to the beneficiaries of the trust but the corresponding amounts are not actually paid. Instead, the trustees ensure that the amounts are due to the beneficiaries and such amounts are legally enforceable against the trust property…..

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Spousal trust and life insurance

Derek de Gannes • January 19, 2016

The Canada Revenue Agency was recently asked if income or capital from a proposed spousal trust that was to be used to pay life insurance premiums on a spouse’s life would disqualify the trust from ever being a spousal trust eligible for rollover of property upon creation of the trust.
….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Insurance, Spouse, Trustee

DYING INTESTATE AND TAX FILINGS

Steven Frye • January 12, 2016

If you have been a regular reader of our blogs, then I am hoping you have learnt more than a few things about estates and trusts. At the very least, I expect that you now have a will if you didn’t before with executor(s) appointed and beneficiary (ies) designated and so on. What if someone you know or know of dies intestate i.e. without a will and you are asked….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Wills