Investments

Total 120 Posts

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc

• • 0 Comments

Do digital assets  e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens,  qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue came to my attention recently when a client asked me to assist him with a formal request to reverse a….

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc Continue Reading »

Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, Uncategorized

INSURANCE TRACKING SHARES

• • 0 Comments

If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

INSURANCE TRACKING SHARES Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

AMENDING TAX ELECTIONS AFTER THE FACT

• • 0 Comments

The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible capital property and inventory, other than inventory that is real property. Where the taxpayer and the corporation agree upon an….

AMENDING TAX ELECTIONS AFTER THE FACT Continue Reading »

Canada Revenue Agency, Estate Planning, Investments, Small Business, Tax Issues, Trusts, Uncategorized

Joint accounts – continued

• • 0 Comments

Several years ago, I wrote about probate planning involving the use of joint accounts. At the time, my father-in-law had just passed away and my mother-in-law, who survived him, was intent on paying the least amount of Estate Administration Tax (EAT). Jointly held property with a spouse or with one or more children, with a right of survivorship may not form part of the deceased’s estate and may be effective….

Joint accounts – continued Continue Reading »

Estate Administration and Probate Applications, Estate Planning, Executors, Family Conflict, Investments, Joint Tenancy, Probate Tax, Trustee, Trusts, Uncategorized, Wills

Some Ins and Outs of RRSPs & RRIFs Transfers on Death

• • 1 Comment

Generally the RRSP or RRIF of a deceased can be transferred by specific bequest under the terms of the deceased’s will to a qualifying survivor tax-free. A qualifying survivor would be the deceased annuitant spouse or common-law partner or a financially dependent child or grandchild. When payments from a deceased annuitant’s RRSP are paid to the annuitant’s estate and a qualifying survivor is a beneficiary of  the estate, the deceased….

Some Ins and Outs of RRSPs & RRIFs Transfers on Death Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Investments, Property, RRSP, Tax Issues, Uncategorized, Wills
Scroll to Top