Tax Issues

Total 360 Posts

Donation Shelters: A Tale of Financial Misadventure

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Due to my conservative nature and my belief that something that looks too good to be true often is, I have been always nervous about people participating in what appear to be very aggressive charitable donation shelters and people who promote them, particularly shelters which appear to catch the attention of the Canada Revenue Agency (“CRA”) from inception. Recently, I read about a case about a taxpayer who participated in….

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Canada Revenue Agency, Estate Planning, In the News, Philanthropy/Charitable Giving, Tax Issues, Uncategorized

Trust Claiming a Capital Gain Reserve

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The Canada Revenue Agency (CRA) answered several questions regarding a scenario in which a trust claims a capital gains reserve. When a trust claims a capital gains reserve, and the amount of the reserve is included in income in the subsequent year and flows through the trust to a beneficiary, does the gain retain all of its attributes? The reserve amount which the trust claims is included in calculating its capital….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

CRA Keeps A-Knockin’ (and Can Come In)

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Estate trustees be warned: you may be held personally liable for failure to pay the estate’s taxes and/or the tax arrears of the deceased. When estate trustees are advised of this fact by their lawyers, pains are taken to soften the blow. CRA tends to be more blunt. Following the death of a taxpayer, CRA may write directly to the estate trustee setting out the amount of arrears owing and….

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Canada Revenue Agency, Estate Administration, Executors, Liability, Tax Issues

PLANNING AND ESTATE PLANNING FOR THE DISPOSITION OF REAL ESTATE

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I am in the middle of a very difficult Canada Revenue Agency audit of a taxpayer’s claim for the principal residence exemption. It now appears the property in question,  built by my client some 25 years ago may not qualify for the full exemption due to the fact that the taxpayer may have held other properties, which he also built, in the intervening periods which may or not have been….

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

Qualifying Costs of Medical Assistance in Dying may be Eligible for the Medical Expense Tax Credit

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I previously blogged about the Supreme Court of Canada decision in Carter v. Canada[1], which ruled that Canadians are entitled to obtain medical assistance to end their lives under appropriate circumstances (See Blog on Medical Assistance in Dying – Where Are We Now?). A question that stems from that ruling is whether the costs for engaging in medical assistance in dying are eligible medical expenses for the purposes of the….

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Tax Issues

An Inconvenient Truth: Cross-border Estate Barriers for Non-Resident Executors

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Today’s blog comes to you from Student-at-Law, Derrick Raphael. As a new resident of Canada there are several issues that an individual must consider such as tax implications while residing in the country as well as one’s previous jurisdiction. Additional areas of interest regard how to manage assets, property and other investments when an estate needs to be distributed. Personally as a newcomer to Canada I had yet to think about….

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Estate Planning, Tax Issues, Uncategorized, United States, US Taxes, Wills
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