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. ...

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 ...