Total 360 Posts
In many cases, amounts of trust income are allocated to the beneficiaries of the trust but the corresponding amounts are not actually paid. Instead, the trustees ensure that the amounts are due to the beneficiaries and such amounts are legally enforceable against the trust property…..
Income amount payable to a beneficiary Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Tax IssuesPursuant to the provisions of the Income Tax Act, the Canada Revenue Agency (“CRA”) has a three-year time frame within to reassess a taxation year, commencing with the date of the original Notice of Assessment. Beyond the three-year limit, returns are referred to as statute-barred. Nevertheless, the CRA can always reassess if it can prove fraud or misrepresentation in the return filed, regardless of whether the return is considered statute….
STATUTE-BAR ASSESSMENTS AND RELIANCE ON OTHERS Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Tax Issues, TrustsIf you have been a regular reader of our blogs, then I am hoping you have learnt more than a few things about estates and trusts. At the very least, I expect that you now have a will if you didn’t before with executor(s) appointed and beneficiary (ies) designated and so on. What if someone you know or know of dies intestate i.e. without a will and you are asked….
DYING INTESTATE AND TAX FILINGS Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, WillsThe new Canadian tax rules concerning charitable donations of graduated rate estates restrict those donations to gifts of properties acquired by an estate as a result of the death of an individual or of properties substituted for those properties.
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Charitable Donations by Graduated Rate Estates – Substituted Property Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Property, Tax Issues, WillsRecently, The Canada Revenue Agency (“CRA”) was whether the six month extension for making educational assistance payments (“EAPs”) out of a registered education savings plan (“RESP”) under the appropriate subsection of the Income Tax Act (the “Act”) can apply when the beneficiary under the plan is deceased. The Act stipulates that one of the conditions for the registration of an RESP is that EAPs can only be paid to or….
If you are like most individuals at this time of the year, you probably don’t give too much thought to your taxes and perhaps putting it off until the filing deadline for tax returns approaches being in the spring of each year for most. For those who are beneficiaries of a trust for instance and expect to receive income distributions, or in a separate context, those who are developing a….
INCOME DISTRIBUTIONS AND CHARITABLE GIVING AND THE NEW PERSONAL TAX RATES Continue Reading »
Charitable Giving, Estate Administration, Estate Planning, Executors, Investments, Property, Succession Planning, Tax Issues, Trustee Compensation