DISPOSITION OF JOINT ACCOUNTS: THE LEGAL DOG WAGS THE TAX TAIL?

Wednesday, July 29th, 2015

In past blogs, my fellow contributors have written extensively about the legal and tax implications of joint accounts created primarily to avoid probate fees, but often leading to unintended consequences without the appropriate planning. Recently the Canada Revenue Agency (“CRA”) was asked to comment on the tax implications of the disposition ...

Estate of a Deceased Taxpayer and the Principal Residence Exemption

Friday, July 10th, 2015

Mr. Joe lived in a house with his second wife, Mrs. Adele until his death several years ago. The house was transferred to his estate and according to the terms of the trust, Mrs. Adele was provided with the right to occupy the house as long as she desired. ...

Qualified Disability Trusts: The last of the Trusts with Graduated Tax Rates

Thursday, June 4th, 2015

My fellow bloggers have written about the elimination of the graduated tax rate system for testamentary trusts effective January 1, 2016, which means all trusts except the “Qualified Disability Trust” (“QDT”) and the “Graduated Rate Estate” (“GRE”) will be subject to the top rate of tax on income retained in ...