Tax Issues

Total 358 Posts

Making Effective Distributions of Estate Taxable Income Tax

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Dealing with the taxation of income earned by an estate can be complex. It has become even more complex since January 1, 2016.  It was on this date that all estates, other than those that qualify as a “graduated rate estate” (GRE), were no longer able to benefit from graduated rates of taxation on their taxable income.  Rather, to the extent an estate that is not a GRE earns and….

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Estate Planning, Tax Issues, Trusts, Wills

Death of taxpayer – timing of the final return

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Some timing relief is granted to the deceased’s personal representative when a death occurs before the deceased has filed a tax return to report income received in the year. Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. If the death….

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Canada Revenue Agency, Executors, Tax Issues, Uncategorized

QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION?

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Recently, the Canada Revenue Agency (“CRA”) issued a “how to file” the joint election for a trust to be a QDT: http://www.cra-arc.gc.ca/E/pbg/tf/t3qdt/README.html From 2016 forward, this form is to be used if one or more beneficiaries are jointly electing that the trust be designated to be QDT for the year. The form should be filed with the trust return (T3) for the year. The filing of a joint election designates….

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Capacity Law, Disability, Estate Administration, Guardianship, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Budget 2017 – Ecological Gifts Program

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On March 22, 2017 (“Budget Day”), the Federal Government tabled the second budget (“Budget 2017”). While Budget 2017 focuses on building and supporting a strong middle class and economic growth, there are no new tax incentives for the charity and not-for-profit sector. The most significant development to the charity and not-for-profit sector in Budget 2017 is a number of measures to protect the integrity of gifts of ecologically sensitive property….

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In the News, Tax Issues

CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

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Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….

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Canada Revenue Agency, Charitable Giving, Estate Administration, Estate Donations, Estate Planning, In the News, Property, Tax Issues, Uncategorized

How This Budget Cares

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Caring for our loved ones while satisfying and fulfilling can be expensive both emotionally and financially.  Understanding needs, costs and tax relief are all important to saving money. Today’s blog provides some caring highlights from the 2017 Federal Budget. Three current tax credits have been replaced with the proposed Canada Caregiver Credit. This non refundable credit applies to caregivers whether or not they live with their family member, and help….

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Canada Revenue Agency, Caregiving, Dependant Support, Disability, In the News, Tax Issues
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