In the 1970s, Canadian charity law dramatically evolved and became imbedded in the Income Tax Act. While this is ancient history, I have personal connections with the drafting Working Group at the Department of Finance that I rediscovered. To my delight, after 45 years, I reconnected with one of the…
Tag: Canada
Total 12 Posts
The Canadian concept of taxing the deceased by deeming a disposition at death is contrary to many countries where the inheritance tax is paid by the heirs upon receiving money or properties from a deceased person. In other words, while Canada taxes the deceased on death, most countries – notably…
Tax relief for an estate donation cannot be claimed until the property is transferred to a charity. No tax receipt; no tax credits. If the distribution is after 60 months after death of the donor there is no tax receipt at all. But what if the estate has illiquid assets…
I published a version of this blog three years ago to address the many questions on Canadian tax incentives for donations that I receive. Since the questions keep coming here is a revised and updated version. Generous but Complex and Opaque Canada has the most generous tax incentives for charitable…
When I last wrote about wine and estates it was 2019. A distant epoch. The Canadian situation has changed dramatically since then. Not only have I been drinking more and better wine (I’m not alone), but the secondary wine market has changed. It’s more liquid, if you will. This is…
The Charitable Remainder Trust (CRT) is a gift planning structure that rarely works in Canada. An import from the U.S. – where it is an integral part of the gift and estate tax regime – the CRT in Canada has fewer tax and planning benefits. It’s a foreign plant that…
I recently went looking for information to assist wine and spirit collectors with their estate planning. To my surprise there is little material online. It’s easy to uncovered truth by drinking wine – “in vivo veritas” – but much harder to find a comprehensive Canadian resource about estate planning for…
Generous but Complex and Opaque Canada has the most generous tax incentives for charitable giving in the world, but few Canadians understand what they save and how the system works. Why the paradox? Here’s a longer-than-usual blog providing an overview for your future reference. For starters, it is helpful to…
Congratulations Canada! 150 years young and we are living longer than ever. Along with long life often comes disability and for many dementia is, in my opinion, the most threatening disease of today. Finally we have joined the ranks of the more progressive countries, those that are preparing themselves for…
Like most countries, Canada has a cultural property regime designed to protect art and objects of cultural significance. Inspired by UNESCO Convention (1970), cultural property must get clearance from the Canadian Cultural Property Export and Review Board (CCPERB) before it leaves the country. Outdated elements of this important system…