BITCOINS: does a digital currency create a foreign reporting requirement

Friday, May 15th, 2015

Sometimes you just never know what kind of assets or property you are going to find in an estate. In determining the nature and extent of the assets held by the estate, suppose you found a direct or indirect interest in a digital currency fund such as Bitcoins. The Canada Revenue ...

Withholdings on Retiring Allowances

Thursday, May 7th, 2015

With the recently concluded round of personal tax filings I have seen a number of tax returns where the taxpayer has reported income from a retiring allowance. More often than not the employer has withheld tax on the withdrawal however the withheld tax isn't always enough to cover the ...

TESTAMENTARY TRUSTS REDUX

Wednesday, April 29th, 2015

The will of a deceased taxpayer created a testamentary trust for the exclusive benefit of his spouse within the meaning contained in the Income Tax Act (“ITA”) and provided for a trust to be created for a child of the deceased taxpayer (“Child Trust”) to hold the residue of the ...