Tax Issues

Total 358 Posts

Graduated Rate Estates: Does the 36 month rule mean a maximum of 3 taxation years?

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As my fellow bloggers have written, there are now 3 types of testamentary trusts under our tax law: a Graduated Rate Estate (“GRE”), a Qualified Disability Trust (“QDT”) and all other testamentary trusts (“OTT”). Previously, all testamentary trusts were generally taxed in the same way individuals were – at graduated tax rates. Effective January 1, 2016, OTT’s will be taxed at the highest marginal tax rate. However, GRE’s which generally….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Investments, Property, Succession Planning, Tax Issues, Trusts, Wills

Principal residence and co-ownership (continued)

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In my last blog on this topic I shared with you the comments of the Canada Revenue Agency (CRA) on an implied agreement between a couple regarding their ownership of a property. The CRA went on to comment on the tax implications of both an actual and a deemed sale…..

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Canada Revenue Agency, Estate Planning, Executors, Joint Tenancy, Property, Tax Issues, Trustee

Infant Beneficiary of a Family Trust and the Capital Gains Exemption

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Pursuant to the Income Tax Act, to be eligible for the capital gains exemption, the qualified small business corporation share definition includes a requirement that it be held by the taxpayer, or a party related to the taxpayer “throughout the 24 months” preceding sale. Under the circumstances, can an 18th month old beneficiary of a family trust receive a distribution of otherwise qualifying small business corporation shares, sell them the….

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Canada Revenue Agency, Estate Planning, Investments, Succession Planning, Tax Issues, Trusts, Wills

CRA Collections: Dealing With Some of the Myths

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As a trustee or executor of an estate, you may find yourself managing existing or future tax disputes with the Canada Revenue Agency (“CRA”) and the collections department of the CRA at the same time. In a blog written by Peter Aprile of Countertax Lawyers entitled the Canada Revenue Agency Collection Department & Paying Tax Debts in dispute, some issues and related myths were addressed which you may find useful….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Passing Of Trustees’ and Executors’ Accounts, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills

WARM AIR IS NOT A MEDICAL SERVICE

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A recent decision from the Federal Court of Appeal contains sad news for snowbirds and those who struggle with long, Canadian Winters. In Canada v. Tallon, the Federal Court of Appeal was tasked with determining whether travel to warmer climates could under appropriate conditions be considered a medical service. The taxpayer sought to deduct expenses related to such travel as medical expenses for the purposes of the medical expense tax credit as defined in subsection 118.2(1) of the Income Tax Act (Canada)…..

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