Tax Issues

Total 362 Posts

Cottages, Cabins, and Capital Gains

• • 0 Comments
Scotiatrust

This blog post was written by: Derek Hambly, Estate and Trust Consultant, Scotiatrust London It is that time of year again when cottages, cabins and recreational properties are top of mind. Sitting in traffic getting out of town to get to the lake doesn’t seem so bad when your home-away-from-home is waiting for you…. unless of course you are worrying about the capital gain that has accrued on that property….

Cottages, Cabins, and Capital Gains Continue Reading »

Cottage, Estate Planning, Tax Issues

Joint Ownership & U.S. Estate Tax Considerations

• • 0 Comments

Canadians are familiar with the concept of joint ownership with right of survivorship. It is the prevalent form of ownership between spouses. Therefore, it is not uncommon for Canadians to own U.S. real property or other U.S. property, jointly, especially between spouses. Many are of the view that it will simplify the estate plan and succession of the U.S. property to the surviving owner yet, few understand the U.S. estate….

Joint Ownership & U.S. Estate Tax Considerations Continue Reading »

International, Joint Tenancy, Real Estate, Succession Planning, Tax Issues, United States, US Taxes

Joint Ownership & Tax Considerations

• • 1 Comment

The benefits of joint property ownership as an estate and probate planning strategy are well known; property vests to the surviving owner(s) on death thus, bypassing the estate and avoiding probate fees. In the right circumstances, joint ownership works great and facilitates the succession of the property. However, what may be overlooked are the potential unintended tax consequences associated with joint ownership. Joint Ownership: Legal vs Tax For legal purposes,….

Joint Ownership & Tax Considerations Continue Reading »

Estate Planning, Joint Tenancy, Probate Tax, Resulting Trust, Tax Issues

The New 2024 Alternative Minimum Tax and Trusts – The intended target or unintended victim?

• • 1 Comment

This blog post was written by Melissa Plunkett, Director, Scotiatrust Over my almost twenty-five-year career in the trust industry, I have seen a lot of clients who have settled trusts for protection – protection of assets and protection of the beneficiary.  Over the course of this past year, with all the Alternative minimum tax (AMT) changes, proposed changes, proposed changes that did not go through, and more changes, I’ve waited….

The New 2024 Alternative Minimum Tax and Trusts – The intended target or unintended victim? Continue Reading »

Tax Issues, Trusts

Can the CRA seize the proceeds of life insurance?

• • 1 Comment

An existing tax debt at the time of death can wreak havoc on the administration of an estate and can jeopardize the estate and insurance planning. This is because the Canada Revenue Agency (“CRA”) is not your typical creditor and has statutory powers to seize assets of the estate beyond what other creditors may seize. Personal Insurance If the insurance proceeds are payable to the designated beneficiary(ies) under the insurance….

Can the CRA seize the proceeds of life insurance? Continue Reading »

Estate Planning, Insurance, Tax Issues, US Taxes

Turbulent Times and Estate Planning

• • 0 Comments

This blog has been written by Rahul Sharma, Partner, at Fasken Martineau DuMoulin LLP, Toronto The world is changing very fast and conversations that I am having with people today include generous helpings of “T” words other than “tax” and “trust.”  I could try to keep count of how many times I hear the word “tariff”, but the score is obviously high.  So much so, in fact, that even my elementary….

Turbulent Times and Estate Planning Continue Reading »

Estate Planning, Tax Issues, Trusts, valuation
Scroll to Top