Tax Issues

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Managing the 2015 tax year liability and when to make the payment

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Other bloggers have written in this forum on matters related to the tax liability of the deceased – how the liability is determined, when the payment is due, how to minimize the liability and on. Another decision to be made by the trustee is to determine how to fund the payment once the amount has been crystallized.
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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Real Estate, Tax Issues

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

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When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

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Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, Trusts

Calendar year for testamentary trusts

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Change in tax treatment of testamentary trusts arising may result in a deemed tax year end of December 31, 2015. For testamentary trusts previously having a non-calendar year end, the receipt of dividends by the trust on December 31, where the trust habitually allocates this income to its beneficiaries at the trust tax year end, could result in the allocation of dividend income from two trust tax years for the 2015 tax year of the beneficiaries. ….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues
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