All About Estates

Tag: Canada Revenue Agency

Total 222 Posts

Executors: Holiday Elf or Grinch?

                                             Photo Credit: Universal Pictures This blog has been written by Sandra Arsenault, Law Clerk at Fasken LLP If you are the lucky (or more often unlucky) person appointed…

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Trustees – it’s time to start gathering information

With 6 weeks until the end of 2023, it is a good time to remind trustees of their obligations in respect of the trusts that they are responsible for managing and administering. Last year, I wrote a blog where I reminded trustees of discretionary trusts of the importance of documenting…

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No good deed goes unpunished by the CRA

Part I – Personal Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP Gifting property or making loans to family members is a common way for individuals to transfer and share their wealth with their loved ones. There are, however, several rules in the Income Tax…

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Further Assessing Drake’s Estate Planning Needs

Nearly two years ago, I wrote a blog post titled “Assessing Drake’s Estate Planning Needs”. The post looked at rap sensation Drake’s assets vis-à-vis his intent for his son Adonis to be the sole beneficiary of his estate, and the various considerations that he ought to have in planning for…

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Tax Implications and Considerations involving the Death of a Shareholder of a Private Corporation

Today’s blog was written by Pritika Deepak, Associate at Fasken LLP This is the last part of a three-part blog series which provides a broad overview of some of the tax implications to consider, with respect to certain assets held at death. Part I, which addresses RRSPs can be found…

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Don’t Forget the T1141s and T1142s!

Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto My last blog post was very early in the year.  In that post, I outlined — and generally responded to — certain common questions posed by newcomers to Canada.  As the year progresses, Canada continues to draw in large…

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the…

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CRA issues favourable ruling on post-mortem pipelines

The Canada Revenue Agency (CRA) has been asked on numerous occasions to weigh in on whether specific post-mortem planning implemented by taxpayers to avoid double taxation would result in a deemed dividend. In a recent ruling, the CRA concluded that it would not apply either specific tax rules or the…

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Applying for a trust account number?

The Canada Revenue Agency (CRA) was recently asked to provide an update regarding the new online application process for a trust account number. In my capacity as an advisor, I ask clients to make tax payments if an only if there is an account number assigned to the taxpayer responsible…

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