Archive for the ‘Executors’ Category

Inter-vivos trust instalments

Monday, November 24th, 2014

The Canada Revenue Agency (CRA) was recently asked to comment on their administrative practice to waive the requirement to make tax instalments where the taxpayer is an inter-vivos trust. Under current administrative practices, the CRA does not assess penalties or interest where an inter vivos trust fails to make sufficient instalment ...

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 ...