Tax Issues

Total 358 Posts

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

• • 0 Comments

Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of an alter ego trust, the settlor must be entitled to receive all the trust’s income that arises before death. In….

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Real Estate, Succession Planning, Tax Issues, Trustee

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

Alter Ego and Joint Partner Trusts – Loss Utilization

• • 0 Comments

Alter ego trusts (“AET”s)  and joint partner trusts (“JPT”s) have a deemed year end on the date of death of the last life interest beneficiary (the settlor for an AET and the last to die of the spouses for a JPT) resulting in the deemed disposition of certain property of the trust as at this date. The tax on the resulting capital gain is due on the trust’s balance due….

Alter Ego and Joint Partner Trusts – Loss Utilization Continue Reading »

Canada Revenue Agency, Tax Issues, Trusts

U.S. Estate tax exposure – it’s political!

• • 0 Comments

The 2020 U.S. election is over and the votes have been tabulated, and in some counties the votes have even been tabulated more than once.   Unless there is some Republican wild card waiting to be plucked out of the proverbial magic hat, then Joe Biden will be inaugurated president of the United States on January 20, 2021, and with President Biden comes a proposed change in tax policy. The headline….

U.S. Estate tax exposure – it’s political! Continue Reading »

Estate Planning, Real Estate, Tax Issues, U.S. Citizen, US Taxes

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

A change in trustee could be a tax problem

• • 0 Comments

The acquisition of control (AOC) rules in the Income Tax Act (ITA) are designed to prevent non-related persons or group of persons from trading in corporations that have unutilized losses for income tax purposes by restricting the corporation’s ability to deduct unutilized losses when control of the corporation has been acquired (i.e. change in shareholders). We know that the AOC rules can apply when there is a change in the….

A change in trustee could be a tax problem Continue Reading »

Canada Revenue Agency, Estate Planning, Tax Issues, Trustee, Trusts
Scroll to Top