Investments

Total 119 Posts

TAX FREE ROLLOVER “WRINKLES”

• • 0 Comments

Some recent technical interpretations from the Canada Revenue Agency (“CRA”) remind us that tax free rollover of retirement plans have to be carefully planned and executed to get the desired result. Here are a couple of cases in point: Rollover of a Registered Pension Plan (“RPP”) to an infirm dependent child In a recent technical interpretation, CRA concluded that where a RPP lump sum death benefit is paid from the….

TAX FREE ROLLOVER “WRINKLES” Continue Reading »

Canada Revenue Agency, Dependant Support, Estate Administration, Investments, Tax Issues

7th Annual Trustee Investment Review

•

This is my 7th annual year end investment review for Trusts. As I have indicated in the past, Trustees are accountable for a prudent investment policy. This includes a review of the performance of the investments in the Trust. For Trusts that hold a portfolio of marketable securities, a fundamental element of the review includes a comparison of the performance of the investments in the Trust against relevant benchmarks. For….

7th Annual Trustee Investment Review Continue Reading »

Investments, Trusts

RRIF rollovers and grandchildren.

• • 0 Comments

Can RRIF proceeds paid after death to a testamentary trust, and used to purchase an annuity for the deceased’s grandson, qualify for a tax deferred rollover? The Canada Revenue Agency (“CRA”) was recently asked to rule on the following set of circumstances and facts. The grandson’s parents were incapable of caring for him and he was placed in the annuitant’s custody. He lived with the annuitant and she provided financially for all his needs. The….

RRIF rollovers and grandchildren. Continue Reading »

Canada Revenue Agency, Dependant Support, Estate Administration, Estate Planning, In the News, Investments, Resulting Trust, Tax Issues, Trustee, Trusts, Wills

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX

•

Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….

TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »

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

TFSA’s – a refresher on the Rules

•

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….

TFSA’s – a refresher on the Rules Continue Reading »

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

ATTRIBUTION RULES AND PLANNING REVISITED

•

Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….

ATTRIBUTION RULES AND PLANNING REVISITED Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, Trusts
Scroll to Top