The CRA and Service Complaints
Recently, I was asked to intervene on behalf on a taxpayer who appeared to be given a pretty rough ride by the Canada Revenue Agency (“CRA”). He and his incorporated business were audited by CRA. The...
View ArticleBeneficial Ownership Of A Principal Residence For Tax Purposes: A Question Of...
Let’s say your parents place legal title of their house in your name for health reasons. However, your parents continue to reside in the house and pay all the household expenses. Then your mom passes...
View ArticleValuations and the Estate Plan
The estate plan, as I see it, is a plan that begins early in life and culminates upon death when the testator’s assets are distributed according to the terms of the individual’s will. Along the way,...
View ArticleUnborn Children: The 24-Month Capital Gain Exemption Test
Written by Derek de Gannes | All About Estates Blog In Pellerin (2015 TCC 130) the Tax Court of Canada was asked to determine whether shares sold by a child before his 18th birthday qualified for the...
View ArticleSpousal Trust & Life Insurance
Written by: Derek de Gannes | All About Estates Blog The Canada Revenue Agency (CRA) had an opportunity expand on their position as it applies to a trustee’s duty to maintain certain income producing...
View ArticleJoint Spousal Trusts and Legal Divorce
Written by: Steve Frye | All About Estates Blog Mr M has settled an irrevocable trust which qualifies as a joint spousal trust (or common-law partner trusts) pursuant to the applicable sections of the...
View ArticleSplitting Pension Income in Case of Death
Written by: Derek de Gannes | All About Estates Blog The Canada Revenue Agency was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible...
View ArticleTrust Distribution of Property to Beneficiaries
Written by: Derek de Gannes | All About Estates Blog The Canada Revenue Agency (CRA) was asked if a distribution of certain property to beneficiaries is a taxable event, when an attribution rule...
View ArticleTFSA: A Refresher on the Rules
Written by: Steve Frye | All About Estates Blog Borrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules...
View ArticleTaxable Income of an Estate: Can it be distributed?
Written by: Steven Frye | All About Estates Blog Consider a straightforward Will with very simple instructions to the executor: “The executor is to pay the debts and expenses of the deceased, execute...
View ArticleRRIF Rollovers & Grandchildren
Written by: Steve Frye | All About Estates Blog Question: Can RRIF [Registered Retirement Income Funds] proceeds paid after death to a testamentary trust, and used to purchase an annuity for the...
View ArticleGAAR & the 21 Year Rule
Written by: Derek de Gannes | All About Estates Blog Beware the 21-Year Rule The Canada Revenue Agency (CRA) was asked to comment on the implications of a transfer of property from a discretionary...
View ArticleMultiple testamentary trusts for tax purposes: Are they always treated as one?
Written by: Steve Frye | All About Estates Blog This issue was recently tested in Court with a “bittersweet” result. Scenario Three testamentary trusts were created for 3 children in the late...
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