Property

Total 144 Posts

Friends Helping Friends – Then Forgetting About It

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When asking a friend for a financial favour, people often fail to document their actions and decisions as thoroughly as they should – the trust people have in their friends frequently translates into a belief that they do not need to pay attention. Regardless of whether the trust was deserved, disputes may arise. In those circumstances, you can only hope that your spouse was paying attention while you were not…..

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Attorney Compensation, Compensation, Credibility, Property, Real Estate, Spouse, Trustee, Trustee Compensation

CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

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Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….

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Canada Revenue Agency, Charitable Giving, Estate Administration, Estate Donations, Estate Planning, In the News, Property, Tax Issues, Uncategorized

Unrealized Capital Gains: Take Action Now?

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As we head toward another federal budget to be released on March 22, there is much speculation about a change in the capital gain inclusion rate from 50% to 66.67% or 75%. Current Capital Gain Tax As the rules are currently written, only 50% of a capital gain is subject to tax in Canada. For an Ontario resident, the combined Federal and Ontario tax rate applicable to a high rate….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Real Estate, Tax Issues, Trusts, Uncategorized

Multiple testamentary trusts for tax purposes: Are they always treated as one?

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This issue was recently tested in Court with a “bittersweet” result. Three testamentary trusts were created for 3 children in the late 2000’s. Their mother was an income beneficiary in each trust, and entitled to receive all the net income derived from each trust during her lifetime. A child and his/her children were income and capital beneficiaries of each respective trust and would be paid the net income after their….

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Canada Revenue Agency, Estate Administration, Investments, Property, Resulting Trust, Tax Issues, Trusts, Uncategorized

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

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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….

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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

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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
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