Interest

Total 42 Posts

TFSA’s – a refresher on the Rules

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Borrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules surrounding tax free savings accounts (“TFSA”) Contribution room for an individual’s TFSA is the total of the TFSA dollar amount for the year, unused room from prior years and withdrawals from the TFSA in the prior year. Note a withdrawal is a….

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Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee

TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES

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One 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….

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Estate Administration, Estate Planning, Executors, Interest, Property, Tax Issues, Trustee, Trusts

INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?

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Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal tax returns, the taxpayer asked the Canada Revenue agency (“CRA”) why this income could not be treated as dividend income….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, Interest, Investments, Tax Issues, Trusts, United States, US Taxes

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

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When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee

Memorial Jewellery – From Ashes to Diamonds?

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After cremation, most people think of ashes being “sprinkled”, held in an urn or interred. Many companies are advertising different options in the form of “Memorial Jewellery”, and one has developed a method of creating diamonds that are purportedly “molecularly identical to naturally occurring diamonds” from cremated remains…..

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Estate Administration, Estate Planning, Funeral Planning, Interest, Wills
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