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

Shedding the Tax Light on a Blind Trust

Wednesday, July 16th, 2014

A blind trust is a trust in which a settlor (who would also be the contingent beneficiary) reserves the right to terminate the trust but agrees to relinquish all other control over the trust i.e. administered and managed by others without updates, advice, instruction, or account to the settlor. Whether ...

DIRECTOR/EXECUTOR LIABILITY under the Income Tax Act

Thursday, June 19th, 2014

The deceased was the sole owner and director of a corporation. In your due diligence, you have discovered the corporation has not filed corporate tax returns for one or more fiscal year ends prior to the date of death. To date, you have been unable to determine whether there ...

DEDUCTIBILITY OF EXECUTOR EXPENSES

Monday, April 21st, 2014

Generally speaking, an executor who earns fees in the course of carrying on a business may deduct the expenses net of any estate reimbursement against the fees in computing net income for tax purposes. An executor who is not performing their duties in the course of carrying on a ...