Tax Issues

Total 360 Posts

Form T3010 Registered Charity Information Return and the CRA’s Initiatives

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In order for a charity to maintain its charitable status, the Form T3010 Registered Charity Information Return (“T3010 Information Return”) must be filed each year within 6 months following the end of the charity’s fiscal period. Approximately two years ago, the Canada Revenue Agency (“CRA”) created an infographic to remind charities of their T3010 deadlines. For example, if a charity’s fiscal year end is January 31, the T3010 Information Return….

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Canada Revenue Agency, Tax Issues

Life Insurance and Contingent Ownership

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Ownership of assets into ‘joint tenancy with right of survivorship” is a mechanism of ownership transfer commonly used for estate planning to address such issues as probate fee and tax avoidance. Recently, this blog site very capably addressed the issues surrounding “joint tenancy” of life insurance in particular (“Life Insurance Joint Tenants” by Corina Weigl May 4, 2018), said issues to include partial loss of ownership and control over the….

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Estate Planning, Insurance, Investments, Joint Tenancy, Probate Tax, Property, Tax Issues, Uncategorized

Graduated rate estate – don’t lose it!

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A graduated rate estate (GRE) is an estate that arises as the result of the death of a person on or after December 31, 2015, and no more than 36 months after the person’s death. The estate at that time must be a testamentary trust. The GRE designation brings with key benefits such as access to the lower marginal tax rates and simpler and more flexible donation rules.  Perhaps more important in….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Uncategorized, Wills

Inheritances and Taxes – Be Careful Where you Step?

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Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes

TFSA and the Non-resident

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[caption id="attachment_6317" align="alignnone" width="300"] Muskoka Chairs[/caption] With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a non-resident will beneficiary. If a Canadian tax resident has a TFSA and leaves Canada,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Income Splitting Loans: What’s the Use?

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We have blogged 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, Investments, Property, Spouse, Tax Issues, Uncategorized
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