Total 34 Posts
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…..
Leap Year and the Tax Filing Deadline Continue Reading »
Canada Revenue Agency, Estate Administration, Executors, Liability, Tax IssuesLast 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…..
When the stop-loss rules were enacted, they contained grandfathering provisions that provided relief on dispositions of shares pursuant to “grandfathered agreements” or related to “grandfathered insurance policies.”
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Grandfathered insurance policies Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Planning, Executors, Insurance, Liability, Small Business, Spouse, Succession Planning, Tax IssuesIt is not unusual to see a corporate beneficiary of a life insurance policy collect the insurance on the death of the insured shareholder. Depending on the circumstances, there are creative ways to use the insurance to benefit such persons as the deceased’s estate or other shareholders of the company.
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Private company shares and life insurance Continue Reading »
Business Succession Planning, Estate Administration, Estate Planning, Executors, Insurance, Liability, Small Business, Succession Planning, Tax IssuesThe freezing of current share value so that your chosen successors can easily participate in the future growth of your enterprise is a common estate planning technique. What if the value of the frozen shares now exceeds the value of the enterprise as a whole?
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TIME FOR A REFREEZE? Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Planning, Investments, Liability, Small Business, Succession Planning, Tax IssuesOn occasion, the deceased’s estate may not have the cash to cover the tax liability because the assets of the estate are not “liquid” – perhaps valuable real estate. There is a way to defer the payment which requires action on or before the balance due date…..
Tax liability of the deceased Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Interest, Liability, Property