Archive for the ‘Estate Administration’ Category

Forgotten Bank Accounts

Tuesday, April 15th, 2014

Sometimes we come across “unclaimed balances” including deposit account, bank drafts, certified cheques, deposit receipts, money orders, GICs, term deposits, credit card balances, or traveller's cheques. Where there has been no activity regarding an “ unclaimed balance” for a period of 10 years and the owner cannot be contacted the financial institution ...

Estate and Trusts with Foreign Properties and/or Transactions: Reporting Implications – an update

Wednesday, April 2nd, 2014

In a recent blog, I wrote about the annual reporting obligations to the Canada Revenue Agency (“CRA”) on trusts with foreign properties and/or transactions. I cautioned that it was important to stay out of the “penalty” box in this regard. Some rule changes have been introduced, some for the better ...

New Estate Donation Rules

Thursday, March 27th, 2014

In my previous All About Estates blog, I wrote about the big change to the tax treatment of “estate donations” to registered charities announced in the 2014 Federal Budget. Effective in 2016, a gift by will or other estate donation (direct designation of life insurance or registered funds) ...