Marital status – has it changed?

Monday, April 20th, 2015

The Canada Revenue Agency (CRA) was recently asked whether a spouses' marital status should be reported as "separated" on their tax return where legally married couple is separated indefinitely for medical reasons. In this case a legally married couple no longer reside together because one spouse has advanced Alzheimer's and has ...

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 ...

DECEASED RRSP TRANSFER TO SPOUSE: ESTATE TAX NOT AVOIDED ON A TECHNICALITY

Tuesday, March 24th, 2015

A couple of years ago, a fellow blogger wrote about the tax reporting and liability technicalities surrounding the transfer of RRSP’s on death to a spouse. As he wrote, the general rule is that upon death, the annuitant is deemed to have received the fair market value of the assets in ...