Tax Issues

Total 360 Posts

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

Voluntary disclosures – changes are coming!

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Last week I met a couple who came in to see me for help with missed tax filings.  They were both aware of the potential for tax penalties and related interest on overdue tax and contemplated “leaving sleeping dogs lie”.  When asked how well they sleep at night, their response was “…not well”.  I said to them there may be an alternative solution. The Canada Revenue Agency (CRA) Voluntary Disclosures….

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Canada Revenue Agency, Executors, Tax Issues

Ontario’s Non-Resident Speculation Tax

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Recently the Government of Ontario followed the heels of the British Columbia Government by introducing a “non-resident speculation tax” (“NRST”). The NRST will apply to the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe (the “GGH”) by individuals who are not Canadian citizens or permanent residents or by foreign corporations or taxable trustees.  The quantum of tax is equal to 15% and it….

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Canada Revenue Agency, Costs, Liability, Property, Real Estate, Tax Issues

The Prescribed Rate is About to Change – for Real this Time?

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The prescribed rate is the minimum interest rate prescribed by the Canada Revenue Agency (“CRA”) that should be charged on various non-arm’s loans such as those made by you to your spouse or child (through a family trust). Such loans are a common device to split income with others in your family. The money is often used to invest in income-producing properties and the income is taxable in the hands….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Real Estate, Tax Issues, Uncategorized

Tidbits from the CRA

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Earlier this week I had the pleasure of attending STEP Canada’s 19th National Conference, where I, along with over 700 other trust and estates professionals from across Canada, had the opportunity to hear from engaging and thought-provoking speakers on a diverse range of trust and estates topics. One of the plenary sessions every year at the Conference, which attendees particularly anticipate, is the STEP Canada/CRA Round Table, where senior representatives….

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Spouse, Tax Issues, Wills
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