Archive for the ‘Passing of trustees’ and executors’ accounts’ Category

The Substantial Presence Test

Friday, February 13th, 2015

In the administration of an estate, you may need to determine if the deceased who was a frequent traveller to the U.S. was in fact a U.S. resident, therefore required to make US income tax filings. An individual is considered to be a U.S. resident for any calendar year in which ...

NEW ESTATE INFORMATION RETURN: ADDITIONAL NOTES OF CAUTION

Thursday, January 29th, 2015

In a recent blog – just in time for the holidays as the blogger put it – executors and prospective executors were alerted to the requirement in Ontario for a new estate information return to be filed in addition to an application for a Certificate of appointment of Estate Trustee ...

ESTATE PROPERTY DISTRIBUTION AND ESTATE TAX LIABILITY

Monday, January 12th, 2015

Recently, the Canada Revenue Agency released a technical interpretation which served as a useful reminder that executors and ultimately beneficiaries should exercise caution when it comes to estate tax liabilities. The Income Tax Act requires that the estate’s legal representative which is often the executor must obtain a clearing certificate before ...