Tax Issues

Total 358 Posts

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

Of Millionaires and Migration

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This blog has been written by Rahul Sharma, Partner, at Fasken Martineau DuMoulin LLP, Toronto Last week, I had the pleasure and privilege of being a panelist at the American Bar Association’s International Law Section conference in London, UK.  The focus of our discussion was millionaire migration.  Together with my co-panelists from different global jurisdictions, we discussed, most particularly, our observations of where high and ultra-high net worth people are….

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Estate Planning, Tax Issues, United States, Wills

U.K. Tax & Inheritance Tax – What’s New?

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There have been many changes since my article on the U.K. Inheritance tax (“IHT”) applying to a Canadian resident. Indeed, we’ve seen a Spring U.K. budget introducing an overhaul of the U.K. resident non-domiciled individuals (“non-doms”) regime, a U.K. election bringing a new government and another Autumn budget. It has been an exhausting few months keeping up with the U.K. tax changes. What does it mean to Canadians? IHT Moving….

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Estate Administration, Estate Planning, International, Succession Planning, Tax Issues

Closer to Answering “Is This a Bare Trust?”

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Tangled Ropes Photo by Malcolm Burrows

Andrew Coates, Associate, Gowling (WLG) Canada In April, I wrote an article about the Canada Revenue Agency’s (the “CRA”) 11th hour reversal on requiring bare trusts to file T3 returns and Schedule 15s because of the confusion of Canadians and tax professionals alike in answering the question: is this a bare trust? It seems we are getting closer to answering this question based on an announcement from CRA on October….

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Canada Revenue Agency, Tax Issues, Trusts

Penalties Under the Income Tax Act – Executor Beware

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As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are several sections dealing with the application of penalties.  Deadlines are important and there is a penalty equal to five percent….

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Estate Administration, Executors, Interest, Liability, Tax Issues
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