Total 349 Posts
Last time, I wrote about filing deadlines for terminal returns and how these deadlines need to be respected to avoid penalties and interest on taxes owing. What if you don’t have sufficient information to file and the deadline is looming?
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TERMINAL RETURN ESTIMATE Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, InterestA recent decision of the Ontario Superior Court sentences an estate trustee to a lengthy term of incarceraction, without the possibility of parole, for contempt of court…..
An Estate Trustee’s Imprisonment, Without Possibility of Parole Continue Reading »
Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Passing Of Trustees’ and Executors’ AccountsNormally, an individual’s personal tax return is due April 30 (or June 15 if the person or a cohabitating spouse has income from a business). Upon death, this does not change unless the date death is after October 31.
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Terminal Return Deadlines Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, ExecutorsGenerally speaking, where property is directly transferred upon death to the deceased’s spouse or common-law partner or a trust for their benefit, such transfers are automatically transferred at cost amount or tax cost amount pursuant to the provisions of the Income Tax Act and no taxable gains on the transfer are incurred. However, there may good reason to elect out of these provisions to trigger taxable capital gains.
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Spousal Rollovers On Death Continue Reading »
Estate Administration, Estate Planning, Executors, Investments, Small Business, Trusts