Total 358 Posts
Whether a CPP/QPP death benefit is to be taxed in the hands of the beneficiary or in the hands of the estate is determined by the terms of the will.
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CPP Death Benefit Continue Reading »
Canada Revenue Agency, Executors, Tax Issues, WillsSuppose a straightforward will with very simple instructions to the executor: The executor is to pay the debts and expenses of the deceased, execute certain specific bequests of property and with some general instructions, distribute the residue of the estate to the named beneficiaries. During the administration of an estate, taxable income is generated during the course of paying all the debts and executing the specific bequests. Because it might….
Taxable Income of an Estate: Can it be Distributed? Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Trusts, WillsThe CRA was asked if a deceased registered pension plan (“RPP”) member’s pension benefit could be transferred tax-free to the registered disability savings plan of the RPP member’s financially dependent infirm child .
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Registered Disability Savings Plan Rollover – Or Not Continue Reading »
Canada Revenue Agency, Dependant Support, Disability, Estate Planning, Tax IssuesRecently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….
TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, TrustsThe Department of Finance released a Notice of Ways and Means which included amendments to the tax rules of interest to executors. On such amendment dealt with the security option benefit of the deceased.
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Stock options held at death Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax IssuesBorrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules surrounding tax free savings accounts (“TFSA”) Contribution room for an individual’s TFSA is the total of the TFSA dollar amount for the year, unused room from prior years and withdrawals from the TFSA in the prior year. Note a withdrawal is a….
TFSA’s – a refresher on the Rules Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee