All About Estates

Category: Executors

Total 129 Posts

Gift of securities by executors of a will (continued)

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual.  The information that follows is based on a revised set of facts The taxpayer died in 2016.  His Will named his three sons as equal…

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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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Gift of securities by executors of a will

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual. The taxpayer died in 2016.  His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to…

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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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To vary or not to vary

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts…

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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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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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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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Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not…

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