Tax Issues

Total 362 Posts

To Be or Not to Be a Spouse: A Follow-Up on Enns V The King

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Maddi Thomas, associate, and Donya Ashnaei, articling student, Gowling WLG (Canada) LLP Background I wrote a blog post on Enns v the King, 2023 TCC 28, last year. This case was significant for estate planners, as the ruling extended the Canada Revenue Agency’s (“CRA”) reach under section 160 of the Income Tax Act (the “Act”). A little over a week ago, the Federal Court of Appeal (“FCA”) overturned the TCC’s….

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Appeals, Spouse, Succession Planning, Tax Issues

The Foreign Corporation on Death – Where Do We Start?

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A hand holds a red puzzle piece over grey pieces on a table.

When an entrepreneur dies owning shares or an interest in a foreign corporation, the executor is faced with a challenging situation.  An estate with ownership or an interest in a foreign corporation raises specific and complex tax rules that leave the executor and family members hoping the deceased has a well-organized tax and estate plan in place. Where to start? The executor needs to be proactive. First, it needs to….

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Estate Administration, Estate Planning, Executors, International, Tax Issues

Shareholder Loan on Death

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There are several ways to extract funds from a business; salary, dividend, bonus or a shareholder loan. When a shareholder withdraws corporate funds by way of a shareholder loan, it will be recorded in the business financial statements and comes with tax implications to the shareholder.  This is because, a shareholder loan that is outstanding for more than one (1) tax year from the end of the tax year in….

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Estate Administration, Estate Planning, Executors, Loans, Tax Issues

Giving Thanks

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This article is written by Nicole Ewing, Principal, Wealth Planning Office, TD Wealth Friends, I’ve got to call it straight, this has been a tough year. Mentally taxing, if you will. Perhaps they all are in their own way, but this one was particularly hard. Life was great, don’t get me wrong. But this tax and estate and wealth planning stuff was a battle. Navigating bare trusts, joint accounts, vacant….

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Estate Planning, Power of Attorney, Practice Management, Tax Issues

Nuances with registered plans: Things to remember

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Today’s blog was written by Kelsey Buchmayer, associate with the Ottawa office of Gowling WLG (Canada) LLP Registered plans are an important factor to consider in an individual’s estate planning, whether it’s from a tax-planning perspective, bypassing probate and probate fees, or distributing assets in a specific manner. There are however some nuances when it comes to registered plans that should be kept in mind. Appointing a Successor Holder for….

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Succession Planning, Tax Issues

Exploring Estate Planning through The Testament

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  My husband and I recently went on a trip to Peru to celebrate our 35th wedding anniversary. It was an adventurous 18-day tour, amazing but exhausting. One of my favourite parts was the beginning of our trip when we spent four days at an Amazon jungle lodge. Part of my reason for wanting to go on this trip, and specifically to the Amazon,[1] was because of a John Grisham….

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Estate Administration, Estate Planning, Family Conflict, Tax Issues, Testamentary Capacity, Wills
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