All About Estates

Tag: Baker Tilly Canada

Total 39 Posts

Beneficial ownership reporting – don’t rush to wind-up the trust

Proposed trust reporting rules I have read a number of articles published throughout 2021 stating that the new proposed trust reporting rules are coming.  Under the proposed new trust reporting rules, express trusts are required to report the beneficial ownership information to Canada Revenue Agency (CRA) and unless the Department…

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The Chronicles of an Estate Plan: The Settlor, the Kids and the Cottage

Alter-ego and joint-spousal[1] trusts are inter-vivos trusts commonly used in estate plans to hold legal title of assets for the benefit of the individual and/or their spouse, prior to death, accomplishing some of the following benefits: avoiding probate, providing privacy, expediency of inheritance distribution, and minimization of legal challenge on…

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Pipeline planning and the dangers of subsection 84(2)

In 1789, Benjamin Franklin, one of the founding fathers of the United States Constitution, provided the world with this great quote, “nothing is certain except death and taxes”. In 2021, John Oakey, the founding father of three Oakey children, is providing the world (or at least anyone reading this blog)…

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AMENDING TAX ELECTIONS AFTER THE FACT

The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible…

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