Tax Issues

Total 358 Posts

For Whom the Bells Toll: It Tolls for Family Trusts?

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As we continue to absorb the draft legislation (together with explanatory notes and consultation paper) introduced by the Department of Finance to overhaul the system of taxation for private companies, some things have are becoming clear. If essentially enacted as currently drafted, the legislation will likely spell the end of family trusts for tax planning arrangements, particularly in the private company setting. Traditionally, for tax planning purposes, family trusts are….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

Government Targets Tax Planning for Private Companies

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July 18, 2017 was a relatively quiet day in my office. That is until I received a flurry of emails regarding a release by the Department of Finance.  In particular, the Department of Finance issued draft legislation which, if passed, will significantly change the nature of tax planning for Canadian private companies and their shareholders.  The proposed changes will impact both current structures that many Canadian private companies have in….

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Canada Revenue Agency, Succession Planning, Tax Issues

The Principal Residence Exemption: Can you Divide and Conquer?

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Recently, the Canada Revenue Agency (‘CRA”) was asked for its opinion on a fact situation with implications on the availability of the principal residence exemption for tax purposes, that I think also has applicability to estate planning in general and to some of the issues one can encounter when trying to divide interests in a property for estate planning purposes in particular. The CRA was provided with the following scenario…..

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized

Family trust and double tax

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The Canada Revenue Agency (CRA) issued a technical interpretation on the tax treatment of trust income where there was a distribution from the trust to beneficiaries who weren’t entitled to the distribution in the first place. The trust was established for the benefit of children who were minors at the time of the trust distribution.  The trust agreement forbid the trustee(s) from making distributions to minor beneficiaries presumably to avoid the application….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues, Trustee

Estate Planning – Can You Just Give Some of it Away?

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A recent article in the press reminded me of a trend in estate planning which appears to be taking more favor in recent times. It is not very complicated, can lead to considerable tax savings and other benefits while you are with the living. I am referring to the gifting of cash or assets during your lifetime. Many people who consult me and other members of my practice are often….

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Charitable Giving, Estate Administration, Estate Donations, Estate Planning, Investments, Probate Tax, Tax Issues, Uncategorized

“Survivor Payment” from a TFSA to a Spouse who was not the Designated Beneficiary

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In Technical Interpretation 2016-0679751E5 the CRA considered whether a survivor payment could be made out of deceased’s TFSA to the deceased’s spouse, in circumstances where the spouse was not the designated beneficiary of the TFSA. In this case, the executor wished to satisfy a legacy to the deceased’s spouse out of the property of the deceased’s TFSA. The estate, and not the spouse, was the beneficiary of the TFSA. A….

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Estate Administration, Tax Issues
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