Archive for the ‘Executors’ Category

DECEASED RRSP TRANSFER TO SPOUSE: ESTATE TAX NOT AVOIDED ON A TECHNICALITY

Tuesday, March 24th, 2015

A couple of years ago, a fellow blogger wrote about the tax reporting and liability technicalities surrounding the transfer of RRSP’s on death to a spouse. As he wrote, the general rule is that upon death, the annuitant is deemed to have received the fair market value of the assets in ...

Mismatched taxes and assets received

Friday, March 13th, 2015

The proposed rules new rules for testamentary trusts scheduled to come into play in 2016 may present new problems for testamentary trusts and executors alike. In their current form, the taxes arising on the death of the second spouse from the deemed disposition of assets held in a spousal trust are ...

The CRA and Service Complaints

Thursday, March 5th, 2015

Recently, I was asked to intervene on behalf on a taxpayer who appeared to be given a pretty rough ride by the Canada Revenue Agency (“CRA”). He and his incorporated business were audited by CRA. The auditor concluded (erroneously as it turns out subsequently) that there were unreported sales and ...