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 ...

MROZ V. MROZ: A RECENT CASE FROM THE COURT OF APPEAL ON JOINT OWNERSHIP

Tuesday, March 31st, 2015

The week before last, the Ontario Court of Appeal released its decision in Mroz v. Mroz, 2015 ONCA 171, The case involved a terminally ill mother, Kay, who in 2004 transferred legal title to her home and sole significant asset into joint tenancy with her daughter, Helen. Contemporaneous with the transfer, ...

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 ...