All About Estates

Derek de Gannes

Total 87 Posts Website
Derek A. de Gannes: Director, Domestic & International Tax of RSM Canada. RSM Canada is committed to the highest level of integrity, quality and professionalism and provides clients with solutions in the area of Audit, Tax and Transaction Services. Email: derek.degannes@rsmcanada.com

Medical assistance in dying

The Canada Revenue Agency (CRA) was asked whether medical assistance in dying would be considered a medical service for the purpose of the medical expense tax credit (METC).  Not surprising, their answer was yes. In their view, the services for medical assistance in dying are medical services for the purpose…

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Estate income entitlement

With the filing deadline for trust tax returns fast approaching, it is a good idea to take a look at some recent tax news which may be of some interest to executors. The Canada Revenue Agency (CRA) was recently asked their view on whether a beneficiary of an estate has…

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The winds of change

As tax and estate planning goes, advisors look for signs of things to come and events to happen.  We have started to hear rumblings about rising interest rates perhaps suggesting some action may be required where prescribed rate loans are involved. Last week I was alerted to the fact the…

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TFSAs and the Non-resident

With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a…

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Canada Pension Plan Survivor Benefits

It’s no surprise that when one spouse dies there may be a sharp decline in household income suggesting some time is spent planning for the change.  A recent article (http://www.advisor.ca/tax/tax-news/shedding-light-on-the-cpp-survivor-benefit-241094?email=yes) shed light on the CPP survivor benefit that is both interesting and worthy of note. A survivor for purposes of…

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Joint accounts – the good and the bad

Earlier this year, my father-in- law left us suddenly.  While my in-laws were careful about planning for this day there was still some Estate Administration Tax (EAT) to be paid on the transfer of assets between spouses.  Armed with that experience, my mother-in-law is determined pay the least amount of…

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55(2) and Pipeline Planning

The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting…

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Private Company Tax Proposals

October 2, 2017 saw the end of the 75 day consultation period offered by the Department of Finance.  The public response to the proposed rule changes was significant with the general public, industry bodies and professional advisors all weighing in on the measures.  So, what now? At a conference organized by…

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Transfer of corporate-owned life insurance

It is not uncommon to see corporate owned life insurance transferred to a shareholder particularly when the company is being sold. The Canada Revenue Agency (CRA) was asked to comment on a set of facts and their response was no surprise given the relatively new rules in this area of…

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Principal residence exemption and fire loss

The Canada Revenue Agency (CRA) was asked to comment on the availability of the principal residence exemption (PRE) when a previously occupied property is destroyed by fire and a decision is made to sell the property in a later year. The taxpayer purchased a house in 2010 which was ordinarily inhabited…

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