Property

Total 144 Posts

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

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Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

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

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES

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Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United States

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge!

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Last 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…..

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, In the News, Liability, Property, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills

STATUTE-BAR ASSESSMENTS AND RELIANCE ON OTHERS

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Pursuant to the provisions of the Income Tax Act, the Canada Revenue Agency (“CRA”) has a three-year time frame within to reassess a taxation year, commencing with the date of the original Notice of Assessment. Beyond the three-year limit, returns are referred to as statute-barred. Nevertheless, the CRA can always reassess if it can prove fraud or misrepresentation in the return filed, regardless of whether the return is considered statute….

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

Charitable Donations by Graduated Rate Estates – Substituted Property

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The new Canadian tax rules concerning charitable donations of graduated rate estates restrict those donations to gifts of properties acquired by an estate as a result of the death of an individual or of properties substituted for those properties.
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Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Property, Tax Issues, Wills

INCOME DISTRIBUTIONS AND CHARITABLE GIVING AND THE NEW PERSONAL TAX RATES

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If you are like most individuals at this time of the year, you probably don’t give too much thought to your taxes and perhaps putting it off until the filing deadline for tax returns approaches being in the spring of each year for most. For those who are beneficiaries of a trust for instance and expect to receive income distributions, or in a separate context, those who are developing a….

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Charitable Giving, Estate Administration, Estate Planning, Executors, Investments, Property, Succession Planning, Tax Issues, Trustee Compensation
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