Archive for the ‘Investments’ Category

BITCOINS: does a digital currency create a foreign reporting requirement

Friday, May 15th, 2015

Sometimes you just never know what kind of assets or property you are going to find in an estate. In determining the nature and extent of the assets held by the estate, suppose you found a direct or indirect interest in a digital currency fund such as Bitcoins. The Canada Revenue ...

TESTAMENTARY TRUSTS REDUX

Wednesday, April 29th, 2015

The will of a deceased taxpayer created a testamentary trust for the exclusive benefit of his spouse within the meaning contained in the Income Tax Act (“ITA”) and provided for a trust to be created for a child of the deceased taxpayer (“Child Trust”) to hold the residue of the ...

DEEMED DISPOSITION OF A TRUST INTEREST

Friday, April 10th, 2015

The Canada Revenue Agency (“CRA") recently released a technical interpretation on the cost of assets transferred from a trust, which the deceased taxpayer was beneficiary of, to the taxpayer’s estate. In many cases, when a beneficiary of a trust dies, his or her interest in the trust ends. In the ...