Trustee

Total 151 Posts

INCOME FROM TRUST – WHEN PAYABLE IS NOT PAID

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Fellow bloggers and I have written in the past about how income from a Trust is not deemed payable to a beneficiary (pursuant to relevant sections of the Income tax Act) unless it has been paid to the beneficiary or the beneficiary has the legal right to demand payment during the year. Recently, the Canada Revenue Agency (“CRA”) was asked to review a hypothetical situation related to this issue which….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Trusts

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge!

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Last fall I wrote about the Supreme Court of Newfoundland and Labrador being asked to rule on the specific issue of residency which would have significant tax implications to the trust depending on the Court’s determination. In Discovery Trust vs Canada (National Revenue), 201201G6615, at issue was whether a trust was a resident of Newfoundland and Labrador where the beneficiaries resided or in Alberta where the trustee was a resident…..

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge! Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, In the News, Liability, Property, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills

Spousal trust and life insurance

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The Canada Revenue Agency was recently asked if income or capital from a proposed spousal trust that was to be used to pay life insurance premiums on a spouse’s life would disqualify the trust from ever being a spousal trust eligible for rollover of property upon creation of the trust.
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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Insurance, Spouse, Trustee

DYING INTESTATE AND TAX FILINGS

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If 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….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, Wills

U. S. Estate Tax Closing Letter

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Canadian taxpayers are accustomed to receiving a notice of assessment after filing a tax return. In the federal context, a Notice of Assessment, is a statement from the Canada Revenue Agency notifying the taxpayer of among other items the amount of tax they owe, if any, the amount of tax already paid, if any, and tax credits received.

What if that return was a U. S. estate tax return to report an interest in U. S. situs property?….

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Canada Revenue Agency, Estate Administration, Estate Planning, Trustee, United States
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