Property

Total 147 Posts

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

Don’t Look a Gift House in the Mouth

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“A resulting trust arises when title to property is in one party’s name, but that party, because he or she is a fiduciary or gave no value for the property, is under an obligation to return it to the original title owner.” Pecore v Pecore (SCC). In 1969, Luisa immigrated from Portugal to Canada. By 1972, all of Louisa’s seven children had joined her (spanning in ages from 20 to….

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Estate Litigation, Property, Real Estate, Resulting Trust, Trusts

ATTRIBUTION RULES AND PLANNING REVISITED

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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….

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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

Post Mortem Pipeline Planning – Business Continuity

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Recently, a fellow blogger wrote about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the form of a dividend. In this sense, the use….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Property, Real Estate, Succession Planning, Tax Issues
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