Tax Issues | All About Estates

HOME BUYER’S PLAN AND TAX CREDITS AFTER THE DEATH OF A SPOUSE

Steven Frye • February 24, 2020 • 0 Comments

During her marriage, a spouse inhabited a home wholly owned by her husband. He passed away and the house became an asset of the estate. Subsequent to her husband’s passing, the spouse purchased a new property. She had not re-married or entered into any common law partnership. Is the spouse (taxpayer) be eligible for the home buyers plan and the first-time home buyers’ tax credit? In a recent technical interpretation….

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Canada Revenue Agency, Estate Administration, Investments, Joint Tenancy, Real Estate, Tax Issues, Uncategorized

TOSI and the estate planning – pension splitting

Derek de Gannes • February 18, 2020 • 0 Comments

The pension splitting exception will allow a spouse who is 65 years of age to split income with his or her spouse or common law partner if the split income would be an excluded amount of the spouse who is 65 years old. These deeming provisions provide an opportunity to split income with spouses if certain conditions are met. The following example shows how the pension splitting exception would apply:….

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Canada Revenue Agency, Estate Planning, Tax Issues

Death of a Non-Resident

Corina Weigl • January 31, 2020 • 1 Comment

Today’s blog was written by guest blogger, Kathryn Walker, Associate at Fasken LLP. If you are considering retirement and old age in a warmer climate, keep in mind that in escaping the cold you will not necessarily escape Canadian taxes on death since Canadian non-residents remain subject to Canadian income tax on death in respect of certain types of property. When a non-resident dies, for Canadian income tax purposes, there….

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Canada Revenue Agency, Tax Issues

Costs and the Estate’s Losses

Jacob Kaufman • January 8, 2020 • 1 Comment

Some losses suffered by the estate due to litigation cannot be recovered…..

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Canada Revenue Agency, Contested wills, Costs, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Family Conflict, Liability, Tax Issues, Trustee, Wills

Death of a Beneficiary – Alter Ego and Joint Spousal Trusts

Derek de Gannes • January 7, 2020 • 0 Comments

At a recent tax conference, the Canada Revenue Agency (CRA) shared its view on reporting a post-mortem loss incurred by a trust in the first year following the death of the last life interest beneficiary (the settlor in the case of an alter ego trust, and the last to die of the spouses in the case of a joint spousal trust. Both an alter ego trust and a joint spousal….

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Canada Revenue Agency, Executors, Tax Issues

Comfort Letter Provides Hope for Non-resident Beneficiaries of Graduated Rate Estates

Derek de Gannes • December 10, 2019 • 0 Comments

A recently released letter from the Department of Finance to the Joint Committee on Taxation recommends changes to enacted tax rules that would provide relief from Canadian withholding tax on estate distributions to non-resident beneficiaries of a graduated rate estate. Budget 2018 included a widened surplus stripping rule applicable to non-residents to ensure the existing rules in section 212.1 of the Income Tax Act could not be frustrated by transactions….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues