Total 358 Posts
The CRA was asked if care expenses paid to a retirement home for an individual suffering from Alzheimer disease could qualify as an eligible medical expense…..
Care expenses paid to a retirement home Continue Reading »
Canada Revenue Agency, Disability, Elder Care, Estate Planning, Executors, Tax IssuesOn March 22nd, Finance Minister Bill Morneau tabled the 2016 Federal Budget (the “Budget”). As expected, the Budget contained a number of measures impacting personal wealth planning. Some of the more significant measures include:….
The 2016 Federal Budget and Personal Wealth Planning Continue Reading »
Estate Planning, In the News, Tax IssuesRecently, 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….
TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, TrustsChange 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. ….
Calendar year for testamentary trusts Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesSubject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….
CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES Continue Reading »
Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United StatesThe Canada Revenue Agency was recently asked whether the cost of capital improvements made to a real property that is held by an inter vivos trust is included in the adjusted cost base (ACB) of the property and in the ACB of the capital interest of the beneficiaries that have borne the cost of the improvements…..
