Tax Issues

Total 358 Posts

Fraudulent investment—recourse options

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In an earlier post I provided general reporting information that applies to taxpayers who participated in what reasonably appeared to be a legitimate investment for income tax purposes and turned out to be a fraudulent investment scheme.  The economic losses in these situations can be devastating when compounded by the fact there may be little to no tax relief given.  What if you feel the Canada Revenue Agency (CRA) has either misinterpreted….

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Canada Revenue Agency, Tax Issues

Estate Applied to Have Filings Made by Taxpayer Lacking Mental Capacity Set Aside

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In Ntakos Estate v. The Queen, 2018 TCC 224, a family business was owned by the deceased taxpayer, Anna (after her husband passed away in 1995) with two brothers-in-law through a holding corporation. Anna’s mental and physical health declined from 1995 until her death in 2004. She was diagnosed in 2002 with cancer, and apparently lacked mental capacity after that date. In 2003, the accountant for the family business got….

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Canada Revenue Agency, Capacity Law, Estate Administration, Family Conflict, Investments, Property, Small Business, Spouse, Tax Issues, Testamentary Capacity, Uncategorized

Amendments to the CBCA: Implications for the Valuation of Interests in Trusts?

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Amendments to Canada Business Corporations Act (“CBCA”), will come into force mid-2019 which will require each private CBCA corporation to maintain a register listing the actual individuals (i.e., physical persons with name, address and date of birth and tax jurisdiction) with significant control in fact over the corporation including individuals who are beneficial shareholders with significant control: an individual who is a registered or beneficial owner of, or who has….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee, Trusts

Spousal Rollover and Substituted Property

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Suppose the will of a deceased taxpayer provides that certain assets are to be transferred to a spousal or common law partner trust.  Before doing so, and while property of the estate is being administered, certain property might change or be substituted by the Estate.  For example, shares might be converted from one class to another.  If so, is the spousal rollover still available? When a taxpayer dies and certain….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Another Resolution for the New Year – Take Advantage of the Low Prescribed Rate

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We have talked about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Loans, Property, Real Estate, Tax Issues, Trusts

Trust Filing Deadlines and Penalties

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With a new year is upon us it is important to keep in mind the various filing deadlines for trusts and estates (a trust). Generally, a trust has to file an annual income tax and information return (T3) if the trust earns income or makes annual distributions. The T3 along with any balance owing and the beneficiary trust information slips are due no later than 90 days after the year-end…..

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Canada Revenue Agency, Executors, Tax Issues
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