Archive for the ‘Estate Administration’ Category

Are 36 Months Enough?

Friday, January 23rd, 2015

With the passage of the new estate donation rules by Parliament on December 16, 2014, the anxiety level in the estate planning community started to rise. The issue generating concern is the 36-month time period after death to distribute "estate donations" to charity, which is also known as the ...

Foreign reporting in the year of death

Tuesday, January 20th, 2015

The Canada Revenue Agency (CRA) recently shared its view on how to calculate the cost amount of shares held as capital property in the year of death of an individual. The CRA described a hypothetical situation where an individual died on July 1, 2013, owning property that was specified foreign property ...

ESTATE PROPERTY DISTRIBUTION AND ESTATE TAX LIABILITY

Monday, January 12th, 2015

Recently, the Canada Revenue Agency released a technical interpretation which served as a useful reminder that executors and ultimately beneficiaries should exercise caution when it comes to estate tax liabilities. The Income Tax Act requires that the estate’s legal representative which is often the executor must obtain a clearing certificate before ...