PRICE ADJUSTMENT CLAUSES IN ESTATE PLAN AGREEMENTS

Thursday, August 28th, 2014

Many estate plans include a transfer of property (e.g. shares of a privately held corporation) to a company and freeze the value (or price) of the transferred property to the current owners at the transfer date. To avoid some punitive provisions in the Income Tax Act associated with non-arm’s ...

Record retention – what form and how long?

Wednesday, August 20th, 2014

As an executor you may be tasked with organizing the deceased's records and may wonder in what form and how long should those records be kept. The Canada Revenue Agency recently weighed in on the issue in a technical interpretation. In their view, every person carrying on business and every ...

Stock options held at death

Friday, August 1st, 2014

A recent Canada Revenue Agency technical interpretation sheds light on the treatment of the deceased's unexercised stock options and tax relief in the event the value of the stock has declined since the date of death. Our tax rules provide that where an employee has died and the employee owned unexercised ...