Total 360 Posts
The Canada Revenue Agency (CRA) recently weighed in on the eligibility for a tax-free transfer of registered retirement savings plan (RRSP) to a beneficiary after the death of the annuitant…..
RRSP transfers after death Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Separation, Tax Issues, TrusteeA 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)…..
WARM AIR IS NOT A MEDICAL SERVICE Continue Reading »
Tax IssuesMy most recent blogs have explored the possible use of life insurance to completely eliminate the capital gain on death (assuming that sufficient insurance was in place) provided certain stop-loss rules do not apply. Not all was lost because, “grandfathered” agreements could prevent the application of the stop-loss rules.
….
Grandfathered Agreements Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Insurance, Loans, Tax Issues, WillsWhen the stop-loss rules were enacted, they contained grandfathering provisions that provided relief on dispositions of shares pursuant to “grandfathered agreements” or related to “grandfathered insurance policies.”
….
Grandfathered insurance policies Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Planning, Executors, Insurance, Liability, Small Business, Spouse, Succession Planning, Tax IssuesIt is not unusual to see a corporate beneficiary of a life insurance policy collect the insurance on the death of the insured shareholder. Depending on the circumstances, there are creative ways to use the insurance to benefit such persons as the deceased’s estate or other shareholders of the company.
….
Private company shares and life insurance Continue Reading »
Business Succession Planning, Estate Administration, Estate Planning, Executors, Insurance, Liability, Small Business, Succession Planning, Tax Issues