Eyes Wide Open II

Thursday, April 17th, 2014

In my March 14th blog, Eyes Wide Open, I asked the question - why did the named executor ever agree to take on the administration. My blog was followed by a rhetorical answer meant to remind all of us – advisors and potential executors alike – we ought to ...

Loss Trading – Rules for Trusts

Friday, April 11th, 2014

Currently, loss streaming rules generally apply to limit a corporation’s trading of certain tax attributes (for example, non-capital losses, net capital losses, farm losses, and unused investment tax credits) where a person or group of persons acquires control of the corporation. Begin in 2013 (with transactions after March 20, ...

Why Being Late With a Designation is Not so Good

Tuesday, March 25th, 2014

In certain circumstances, the Income Tax Act allows a trust to designate a portion of its net taxable capital gains as a taxable capital gain in the hands of a beneficiary of the trust. This allows the benficiary to use their available capital gain exemption to shelter the ...