Foreign reporting in the year of death

Tuesday, January 20th, 2015

The Canada Revenue Agency (CRA) recently shared its view on how to calculate the cost amount of shares held as capital property in the year of death of an individual. The CRA described a hypothetical situation where an individual died on July 1, 2013, owning property that was specified foreign property ...

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 ...

The Rush to Avoid the 21 Year Deemed Disposition Rule: a Word or Two of Advice

Thursday, December 18th, 2014

As a professional advisor over the years, I have learned to accept good advice as well if not more than giving it. Recently, Colleen Ma of Dunphy LLP wrote about how the rush to avoid the 21 year rule for discretionary family trusts can lead to real problems if not executed ...