Trusts

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Tax Reporting Obligations for Trustee and Executor Fees

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In general, the payment of amounts for services rendered triggers some form of tax reporting and often, an obligation on the payer to withhold and remit amounts on account of tax. Payments made to trustees and executors are no different.
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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, Executors, Liability, Passing Of Trustees’ and Executors’ Accounts, Trustee, Trusts

Spousal Rollovers On Death

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Generally speaking, where property is directly transferred upon death to the deceased’s spouse or common-law partner or a trust for their benefit, such transfers are automatically transferred at cost amount or tax cost amount pursuant to the provisions of the Income Tax Act and no taxable gains on the transfer are incurred. However, there may good reason to elect out of these provisions to trigger taxable capital gains.

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Estate Administration, Estate Planning, Executors, Investments, Small Business, Trusts
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