Tax Issues

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“Duelling” Designations

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I was reminded this week of the need for advisors to consider more than division of property, support, and custody and access arrangements in the context of marriage breakdown. Taxation issues related to family residences which could qualify as a principal residence need also be considered.  One of the requirements that must be met in order for a particular property to qualify as a principal residence is that only one….

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Tax Issues

Tax implications of losses incurred in a fraudulent investment scheme

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All to often it is the elderly and disadvantaged who are taken advantage of in fraudulent investment schemes. The Canada Revenue Agency recently released some general information that applies to taxpayers who participated in what reasonably appeared to be a legitimate investment for income tax purposes. Generally speaking, an amount paid to a taxpayer that is a return on investment, such as interest, must be included in the taxpayer’s income….

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Canada Revenue Agency, Executors, Tax Issues

PENSION PLAN LUMP SUM PAYOUTS

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This fact scenario is based on a situation presented to me recently and I appreciated the opportunity to being “re-educated” on the tax treatment of pension plan lump sum payments. A taxpayer’s spouse retires as a teacher and elects to start receiving her guaranteed pension. A couple of year later, the spouse passes away from cancer and the taxpayer being the beneficiary of his spouse’s pension plan elects to receive….

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Canada Revenue Agency, Estate Administration, In the News, Tax Issues, Uncategorized, Wills

Trust reporting requirements

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The Department of Finance recently released draft legislation for consultation.  The draft rules serve to implement measures announced in the 2018 Federal Budget including rules affecting trust income tax reporting. For trust returns that are required to be filed for the 2021 and subsequent taxation years, Budget 2018 proposed that certain trusts provide additional beneficial ownership information on an annual basis.  As a result, these trusts will be required to….

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Canada Revenue Agency, Executors, Tax Issues

A Cautionary Tale of (Non)-Compliance

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This week I was reminded of the perils of non-compliance, and thought it worthwhile to remind readers of a potential pitfall to be avoided. We are all aware of the many tasks that have to be completed in the course of administering an estate, some obviously on a much more timely basis than others. While there are many items that need immediate attention, worrying about the deceased’s taxes is not….

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Tax Issues

Not All “Trump Bumpf” is Bluster

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As part of the ‘Donald’s’ post-election “promises” we heard rumours that US gift and estate taxes were going to be repealed. While we did not see a repeal, we did see a significant change to the rules related to US gift and estate tax. The particular change came forward in the US Tax Cuts and Jobs Act (“TCJA”) which was signed into law on December 22, 2017. Specifically, the amendment….

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Estate Planning, IRS, Tax Issues, United States, US Taxes
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