Wills

Total 457 Posts

Charitable Donations by Graduated Rate Estates – Substituted Property

•

The new Canadian tax rules concerning charitable donations of graduated rate estates restrict those donations to gifts of properties acquired by an estate as a result of the death of an individual or of properties substituted for those properties.
….

Charitable Donations by Graduated Rate Estates – Substituted Property Continue Reading »

Canada Revenue Agency, Charitable Giving, Estate Planning, Executors, Property, Tax Issues, Wills

More on Graduated Rate Estates

•

At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….

More on Graduated Rate Estates Continue Reading »

Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, Wills

Graduated Rate Estates: Does the 36 month rule mean a maximum of 3 taxation years?

•

As my fellow bloggers have written, there are now 3 types of testamentary trusts under our tax law: a Graduated Rate Estate (“GRE”), a Qualified Disability Trust (“QDT”) and all other testamentary trusts (“OTT”). Previously, all testamentary trusts were generally taxed in the same way individuals were – at graduated tax rates. Effective January 1, 2016, OTT’s will be taxed at the highest marginal tax rate. However, GRE’s which generally….

Graduated Rate Estates: Does the 36 month rule mean a maximum of 3 taxation years? Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Investments, Property, Succession Planning, Tax Issues, Trusts, Wills

OWNERSHIP OF FOREIGN PROPERTY

•

The Huffington Post reports that over a third of foreign buyers of real estate in Florida are Canadians. Another article reports that Canadians are the leading buyers of US real estate. In earlier blogs I’ve talked about the specter of US estate taxes that arises when a Canadian dies owning US situs property, like real estate. Besides this complexity, the ownership of foreign property raises the potential for challenges in the administration of an estate. As a result, when developing an estate plan that includes foreign real estate it is important to consider a number of issues, some of which are…….

OWNERSHIP OF FOREIGN PROPERTY Continue Reading »

Canadian and US Tax Treaty, Estate Administration and Probate Applications, Estate Planning, Power of Attorney, Probate Tax, United States, US Taxes, Wills

Infant Beneficiary of a Family Trust and the Capital Gains Exemption

•

Pursuant to the Income Tax Act, to be eligible for the capital gains exemption, the qualified small business corporation share definition includes a requirement that it be held by the taxpayer, or a party related to the taxpayer “throughout the 24 months” preceding sale. Under the circumstances, can an 18th month old beneficiary of a family trust receive a distribution of otherwise qualifying small business corporation shares, sell them the….

Infant Beneficiary of a Family Trust and the Capital Gains Exemption Continue Reading »

Canada Revenue Agency, Estate Planning, Investments, Succession Planning, Tax Issues, Trusts, Wills
Scroll to Top