Archive for the ‘Executors’ Category

Beneficial ownership of a principal residence for tax purposes: A question of Law and Fact

Friday, November 14th, 2014

Let’s say, your parents place legal title of their house in your name for health reasons. However, your parents continue to reside in the house and pay all the household expenses. Then your mom passes away. Your dad continues to reside in the house until sometime later at which ...

Voluntary disclosure – a refresher

Thursday, November 6th, 2014

The Canada Revenue Agency (CRA) was recently asked to speak about their rules regarding tax relief and the late-filing of certain foreign reporting forms. Their answer was as expected and should be of interest to trustees and executors. A taxpayer has failed to make certain foreign reporting filings on a ...

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 ...