Tax Issues

Total 365 Posts

Beneficial ownership reporting – don’t rush to wind-up the trust

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Proposed trust reporting rules I have read a number of articles published throughout 2021 stating that the new proposed trust reporting rules are coming.  Under the proposed new trust reporting rules, express trusts are required to report the beneficial ownership information to Canada Revenue Agency (CRA) and unless the Department of Finance changes the effective date for trusts that have a taxation year ending after December 30th, 2021, then the….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized

SALE OF PERSONAL RESIDENCE AFTER DEATH

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Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?The Income Tax Act (“ITA”) deems a person to have disposed of their principal residence for proceeds equal to its fair….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Uncategorized

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc

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Do digital assets  e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens,  qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue came to my attention recently when a client asked me to assist him with a formal request to reverse a….

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Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, Uncategorized

The Chronicles of an Estate Plan: The Settlor, the Kids and the Cottage

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Alter-ego and joint-spousal[1] trusts are inter-vivos trusts commonly used in estate plans to hold legal title of assets for the benefit of the individual and/or their spouse, prior to death, accomplishing some of the following benefits: avoiding probate, providing privacy, expediency of inheritance distribution, and minimization of legal challenge on estate assets. Tax deferred transfer The transfer of assets to these trusts are accomplished on a tax-deferred basis by relying….

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Canada Revenue Agency, Cottage, Estate Planning, Tax Issues, Trusts

Assessing Drake’s Estate Planning Needs

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As a Toronto native, I couldn’t help but listen to rapper Drake’s highly-anticipated new album Certified Lover Boy, which he released just a few weeks ago. In fact, it has been enjoying record-breaking streaming numbers from music fans around the world, amassing a staggering 153 million global Spotify streams in its first 24 hours of release. Drake and his music are clearly influential on a global level. Drake’s songs have….

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Estate Administration, Estate Planning, In the News, International, Probate Tax, Property, Real Estate, Succession Planning, Tax Issues, Wills

INSURANCE TRACKING SHARES

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized
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