All About Estates

Category: Tax Issues

Total 136 Posts

Clawback of Old Age Security

The Canada Revenue Agency (CRA) was reminded by a taxpayer recipient of the Old Age Security pension (OAS) about a perceived lack of fairness when required to include the dividends received at a grossed-up amount when calculating net income rather than only including the actual amount of dividends received. The…

Continue Reading

Helping Caregivers Get Ready for Tax Time

While we are almost down to the wire and for those who have yet to file their taxes, this blog will highlight the new Canada Caregiver tax credit.  This credit replaces the Infirm Dependent, Caregiver and Family Tax credits.  It was designed to assist families with caregiving responsibilities to  provide…

Continue Reading

Gift of securities by executors of a will

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual. The taxpayer died in 2016.  His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to…

Continue Reading

Budget 2018 Extends “Qualifying Family Member” Option for RDSP’s

On February 27, 2018 the federal government tabled its 2018 budget, Equality + Growth: A Strong Middle Class (“Budget 2018”). One of the budget items that has not received a lot of attention is the extension of the “qualifying family member” (“QFM”) provision for Registered Disability Savings Plans (“RDSP’s”). The…

Continue Reading

To vary or not to vary

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts…

Continue Reading

Federal Budget 2018 – Overview of Personal Income Tax Measures

On February 27, 2018 (“Budget Day”), the Federal Government tabled the third budget (“Budget 2018”). This year’s budget focuses on continuing to strengthen the middle class and economic growth.  The following are some of the notable personal income tax measures proposed in Budget 2018, which relate to qualifying plan holders…

Continue Reading

What to do when a loved one dies?

Believe it or not, this is the title of a recent release from the Canada Revenue Agency (“CRA”). Is there really a softer side to the CRA? Let’s face there is a lot to do after a loved one dies, and a lot of it not related to tax. But…

Continue Reading

Death and TOSI Part 2: Spouses

My past two blogs have looked at the December 13, 2017 draft legislation that amends and expands the tax on split income (“TOSI”) rules. In my last blog I outlined some of the special rules that apply (in the context of TOSI) to income and gains on property that is…

Continue Reading

Safe Space: Governance in Action

For most businesses they evaluate their success by quarters or perhaps terms described as “short”, “medium” and “long”. For a family business, they measure success by ensuring the company is preserved for the next generation and beyond.  And despite the statistics which suggest that successfully transitioning a family business to…

Continue Reading

SHAREHOLDER REMUNERATION PLANNING

Business owners-managers put money in and take money out on a regular basis during the year, and at the same time often use the business bank account for what may appear to be personal expenditures. This often leads to shareholder advance balances at year end and some major bookkeeping challenges…

Continue Reading