Archive for the ‘Executors’ Category

Tax Treatment of Monetary Inheritances

Friday, October 10th, 2014

Do you ever wonder why things are the way they are? Someone does and that someone recently asked the Canada Revenue Agency why inheritances are not taxable. Although the questioner was told by his or her accountants that inheritances are not taxable in Canada, they asked the Canada Revenue Agency ...

Valuations for estate planning arrangements: Some Tips and Traps Redux

Thursday, October 2nd, 2014

Recently I wrote about price adjustment clauses (PACs) in estate plan agreements. In the blog, I noted the fair market value for the purposes of PACs should be based on fair and reasonable methods. In a recent Canadian Tax Foundation bulletin, Richard Wise provided some additional observations on valuations which ...

Attendant care payments

Wednesday, September 24th, 2014

With an aging population comes the importance of attendant care of the elderly and disabled. The Canada Revenue Agency (CRA) was recently asked about the taxation of amounts received for attendant care services provided to a spouse or child and returned with a pleasantly surprising answer. A child received a ...