Trusts

Total 213 Posts

INSURANCE TRACKING SHARES

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

Applying for a trust account number?

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The Canada Revenue Agency (CRA) was recently asked to provide an update regarding the new online application process for a trust account number. In my capacity as an advisor, I ask clients to make tax payments if an only if there is an account number assigned to the taxpayer responsible for the payment. While individuals and corporations are assigned tax identifications numbers, trusts are not. Since February 2021, the CRA….

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Canada Revenue Agency, Executors, Tax Issues, Trusts

AMENDING TAX ELECTIONS AFTER THE FACT

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The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible capital property and inventory, other than inventory that is real property. Where the taxpayer and the corporation agree upon an….

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Canada Revenue Agency, Estate Planning, Investments, Small Business, Tax Issues, Trusts, Uncategorized

Joint accounts – continued

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Several years ago, I wrote about probate planning involving the use of joint accounts. At the time, my father-in-law had just passed away and my mother-in-law, who survived him, was intent on paying the least amount of Estate Administration Tax (EAT). Jointly held property with a spouse or with one or more children, with a right of survivorship may not form part of the deceased’s estate and may be effective….

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Estate Administration and Probate Applications, Estate Planning, Executors, Family Conflict, Investments, Joint Tenancy, Probate Tax, Trustee, Trusts, Uncategorized, Wills

Powers of Appointment vs. Trusts – Failure to distinguish between them in Wills

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This Blog was written by: David McPhee, Estate and Trust Consultant, Scotia Wealth Management  When the term “power of appointment” comes to mind, one often thinks of the provision in a will or inter vivos trust deed which creates a trust for a beneficiary for his or her lifetime, and then goes on to say that the beneficiary has the ability to specify in writing, either through his or her….

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Trusts
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