Small Business

Total 54 Posts

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

Death Benefit Payments

• • 0 Comments

The Canada Revenue Agency (CRA) recently released a translated technical interpretation with helpful guidance on the tax treatment of a death benefit payment in certain specific situations. A death benefit is income of either the estate or the beneficiary who receives it. Up to $10,000 of the total of all death benefits paid (other than CPP or QPP death benefits) is not taxable. The CRA had the following to say….

Death Benefit Payments Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Small Business, Tax Issues

Bequeathing qualifying shares: to trust or not to trust

• • 0 Comments

Use of spousal trust or common-law partner trusts Setting up a spousal or common-law partner trust is a very important decision that generally results from non-tax reasons. One of the common reasons for setting up this type of trust is to protect the surviving spouse from influencers who might try to gain access to the surviving spouse’s inherited assets. The set-up of a spousal or common-law partner trust can provide….

Bequeathing qualifying shares: to trust or not to trust Continue Reading »

Business Succession Planning, Estate Planning, Small Business, Spouse, Succession Planning, Trusts

Estate Planning Lessons from “The Dutch House”

• • 1 Comment

The Dutch House, by Ann Patchett, is an excellent read. However, for those in the estate planning profession, it is also a reflection on what goes wrong when insufficient or no estate planning occurs…..

Estate Planning Lessons from “The Dutch House” Continue Reading »

Business Succession Planning, Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Fiduciary Professions, In the News, Small Business, Spouse, Succession Planning

FAMILY TRUSTS AND DISTRIBUTIONS OF CAPITAL GAINS

• • 0 Comments

Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction. However, the beneficiaries of a trust who are designated an allocation of proceeds from a share sale and stand to benefit from applying the….

FAMILY TRUSTS AND DISTRIBUTIONS OF CAPITAL GAINS Continue Reading »

Canada Revenue Agency, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

POST MORTEM PLANNING: AGAIN MORE GOOD NEWS

• • 0 Comments

CRA will allow post-mortem pipeline transactions to continue, which will allow individuals to avoid double tax on disposition of certain assets…..

POST MORTEM PLANNING: AGAIN MORE GOOD NEWS Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Executors, In the News, Investments, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Uncategorized, Wills
Scroll to Top