Tax Issues

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Non-Resident Beneficiary and Part XII.2 Tax

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It’s not uncommon for a trust or an estate to have a non-resident beneficiary. When such a situation arises, trustees should consider whether Part XII.2 tax applies. Essentially, Part XII.2 imposes a 40% tax on the non-resident beneficiary if the trust or estate earns designated income that would, if earned directly by a non-resident, be taxed under Part I of the Income Tax Act (the “Act”). Its purpose is to….

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Tax Issues, Trusts, Uncategorized

Exercise Caution: Different Countries – Different Tax Regimes at Death

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This blog has been written by Rahul Sharma, Partner at Fasken LLP A couple of recent telephone calls reminded me of the perils of estate and tax planning that crosses borders without proper planning. The first case is regrettably quite common.  An entrepreneur in the technology sector (we will call him “John”) is a resident of Ontario.  John partners with other like-minded, and equally talented, entrepreneurs based in the United….

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Estate Planning, Tax Issues, U.S. Citizen, United States, US Taxes

No good deed goes unpunished by the CRA

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Part I – Personal Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP Gifting property or making loans to family members is a common way for individuals to transfer and share their wealth with their loved ones. There are, however, several rules in the Income Tax Act (Canada)[1] (the “Act”), commonly referred to as the attribution rules, which prevent or restrict an individual from “income splitting”…..

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Canada Revenue Agency, Estate Planning, Real Estate, Tax Issues, Uncategorized

Further Assessing Drake’s Estate Planning Needs

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Nearly two years ago, I wrote a blog post titled “Assessing Drake’s Estate Planning Needs”. The post looked at rap sensation Drake’s assets vis-à-vis his intent for his son Adonis to be the sole beneficiary of his estate, and the various considerations that he ought to have in planning for the effective transition of his wealth to Adonis. Yet, as any advisor in this space knows, the estate planning discussion….

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Business Succession Planning, Canada Revenue Agency, Executors, Insurance, Investments, Real Estate, Succession Planning, Tax Issues

Breaking Up is Hard to Do – Ceasing to be a Canadian Tax Resident may be Easier Said than Done

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This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto My blog posts so far this year have focused on the significant volume of new residents to Canada and the associated tax and legal considerations, particularly where new residents are entering the Canadian tax system with assets and investments in their countries of origin or other global jurisdictions.  In this blog post, I flip the discussion….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Planning, Tax Issues, Uncategorized

Tax Implications and Considerations involving the Death of a Shareholder of a Private Corporation

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Today’s blog was written by Pritika Deepak, Associate at Fasken LLP This is the last part of a three-part blog series which provides a broad overview of some of the tax implications to consider, with respect to certain assets held at death. Part I, which addresses RRSPs can be found here: https://allaboutestates.ca/what-happens-when-a-taxpayer-dies-with-a-registered-retirement-savings-plan/ and Part II, which addresses exempt Life Insurance Policies can be found here: https://allaboutestates.ca/tax-implications-for-exempt-life-insurance-policies/. Part III of this….

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Estate Administration, Estate Planning, Tax Issues, Uncategorized, Wills
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