Tax Issues

Total 358 Posts

Estate & GST/HST Clearance Certificate

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Section 270 of the Excise Tax Act (the “ETA”) requires a legal representative of an estate to apply for a GST/HST clearance certificate. This is to obtain confirmation that all outstanding GST/HST owing has been paid and satisfied prior to the final distribution of the deceased’s assets. Indeed, if the deceased was a GST/HST registrant (as an example, was operating a sole proprietorship at the time of death) and had….

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Estate Administration, Estate Planning, Executors, Tax Issues, Trustee

Transfers to a corporation can be costly. Beware of corporate attribution.

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Part III – Corporate Attribution This blog post has been written by Pritika Deepak, Associate at Fasken LLP. This is the last part of a three-part blog series which provides a high level overview of the attribution rules contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which addresses personal attribution and Part II, which speaks to trust attribution, can be found respectively at https://allaboutestates.ca/no-good-deed-goes-unpunished-by-the-cra/ and https://allaboutestates.ca/using-a-trust-watch-out-for-attribution/. Part….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Succession Planning, Tax Issues, Uncategorized

Who better to weigh in on the impact of the recent federal budget than a philosophy major?

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I’ve nominated myself to provide you with two highlights from last week’s federal budget announcement, and before I get into the nitty gritty, I provide you with a summary of my qualifications for undertaking this task. My undergraduate studies took a rather meandering path through geography, political science, a few language courses and I ended up with something like a quadruple minor in philosophy, feminist political theory, possibly enough literature….

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Charitable Giving, Tax Issues

Power of Attorney for Property & The Tax Association Rules

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The small business deduction is a key tax incentive for entrepreneurs of small businesses.  If the corporation qualifies as a Canadian controlled private corporation (commonly referred to as CCPC), the net federal tax rate for active business income is 9% on the first $500,000. The Income Tax Act (the “Act”) also has association rules to prevent business owners from multiplying the small business deduction among their businesses.  When two or….

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Estate Planning, Power of Attorney, Tax Issues

Is This a Bare Trust?

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Andrew Coates, Associate, Gowling WLG (Canada) LLP Today was supposed to be the due date for untold numbers of T3 returns and Schedule 15s for trusts known as “bare” trusts in existence on December 30, 2023. Not only was it going to be the first year that the Canada Revenue Agency (the “CRA”) required bare trusts to report their existence through the filing of a T3 return, but also the….

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Canada Revenue Agency, Estate Planning, Joint Tenancy, Tax Issues, Trusts, Uncategorized

Administering an Estate: A Marathon of Responsibilities

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We had a Zoom call with our adult children a few weekends ago. We talked about our son’s engagement, as our daughter hadn’t yet heard the details of how he had proposed. We also talked about our daughter’s recent 5K run at the Toronto Zoo and how it compared to the half marathon that our son had run a few years ago. This family discussion and a recent work discussion….

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Courts, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Probate Tax, Tax Issues, Wills
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