Tax Issues

Total 365 Posts

TFSA’s – a refresher on the Rules

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Borrowing 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….

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Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee

NEW TAX MEASURES RELATED TO DISABILITY PLANNING

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In my last blog I began a discussion of multiple wills. I will continue that discussion in my next blog. For today’s blog, I will focus on two recently-announced tax measures that relate to planning for persons with disabilities. The measures were included in the legislative proposals relating to the Income Tax Act (“ITA”) released on September 16, 2016…..

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Tax Issues

ATTRIBUTION RULES AND PLANNING REVISITED

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Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, Trusts
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