All About Estates

Steven Frye

Total 96 Posts Website
CW LLP is a firm of professional advisors providing a comprehensive suite of services to a diverse client base. Our experienced and skilled team can provide personal and corporate solutions to maximize growth potential, wealth and value. Email: sfrye@cwcagroup.com

Inheritances and Taxes – Be Careful Where you Step?

Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United…

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Income Splitting Loans: What’s the Use?

We have blogged about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds,…

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The Cost of Winning, Sort of….

In my practice, I have been engaged on valuation matters which, on occasion despite the efforts of all those involved, go to trial to have a trial judge settle for the parties. Most trials are expensive and the actual outcome is not always certain, no matter how strong one side…

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A Gift is a Gift

We often write about the benefits (and some pitfalls) of gifting, before and after death. Personally, when I recommend gifting, I assume that unless there are specific outcomes required to realize on the gift, a gift is exactly that, a gift – something transferred voluntarily without expectation of getting it…

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TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

Under the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns”…

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Executors Remuneration

Occasionally, I (like many of fellow bloggers for sure) get asked – what is appropriate remuneration for an executor or executrix to administer an estate – often in circumstances where remuneration is not specified or even referred in the deceased’s will or otherwise. Bottom line, what are the guidelines and…

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RRSP’s and Early Withdrawals.

Registered retirement savings plans (RRSP’s), introduced in 1965 by the way, are a great vehicle for retirement savings and a keystone found in most retirement and estate plans. It is one of the few ways to earn an income-tax reduction in your earning years (the amount you contribute is tax…

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SPOUSAL SUPPORT AND BEYOND?

I was traipsing thru some estate journals and articles recently and I stumbled upon the reporting of a recent matrimonial case which gave me pause, and to many practitioners in estate and matrimonial matters, I am sure. Practitioners have long held the view that entitlement to spousal support under most…

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What to do when a loved one dies?

Believe it or not, this is the title of a recent release from the Canada Revenue Agency (“CRA”). Is there really a softer side to the CRA? Let’s face there is a lot to do after a loved one dies, and a lot of it not related to tax. But…

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SHAREHOLDER REMUNERATION PLANNING

Business owners-managers put money in and take money out on a regular basis during the year, and at the same time often use the business bank account for what may appear to be personal expenditures. This often leads to shareholder advance balances at year end and some major bookkeeping challenges…

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