All About Estates

Tag: Executors

Total 85 Posts

Spousal Rollover and Substituted Property

Suppose the will of a deceased taxpayer provides that certain assets are to be transferred to a spousal or common law partner trust.  Before doing so, and while property of the estate is being administered, certain property might change or be substituted by the Estate.  For example, shares might be…

Continue Reading

Trust Filing Deadlines and Penalties

With a new year is upon us it is important to keep in mind the various filing deadlines for trusts and estates (a trust). Generally, a trust has to file an annual income tax and information return (T3) if the trust earns income or makes annual distributions. The T3 along…

Continue Reading

Safe Income and an Estate

In a recent technical interpretation, the Canada Revenue Agency (CRA) made the point that safe income of a corporation owned by a person that died did not flow through to the estate of that person.  The reason was not clearly stated but appears to be that the safe income became…

Continue Reading

Creation of a Trust

The Canada Revenue Agency (CRA) provided guidance on when a testamentary trust is considered to have been created for purposes of the 21 year deemed disposition rule. A trust is deemed to have disposed of its capital property for proceeds equal to the fair market value of the property at the…

Continue Reading

Tax Appeals in Estates and Legal Standing

In the land of income taxes and income tax law, it is generally understood that a taxpayer cannot appeal another taxpayer’s assessment without legal standing to do so. This is particularly relevant when the taxpayer being assessed or re-assessed is deceased. In the Estate of Straessle v. the Queen 2018…

Continue Reading

Trust Return Due Date on Wind-up

The Canada Revenue Agency (CRA) recently provided its view on the due date of a trust information and income tax return (T3) in the year a trust is wound up. Where a trust is wound up by distributing all of its property to its beneficiaries, does the T3  have to be…

Continue Reading

Trust Claiming a Capital Gain Reserve

The Canada Revenue Agency (CRA) answered several questions regarding a scenario in which a trust claims a capital gains reserve. When a trust claims a capital gains reserve, and the amount of the reserve is included in income in the subsequent year and flows through the trust to a beneficiary, does…

Continue Reading

An Inconvenient Truth: Cross-border Estate Barriers for Non-Resident Executors

Today’s blog comes to you from Student-at-Law, Derrick Raphael. As a new resident of Canada there are several issues that an individual must consider such as tax implications while residing in the country as well as one’s previous jurisdiction. Additional areas of interest regard how to manage assets, property and other…

Continue Reading

Tax implications of losses incurred in a fraudulent investment scheme

All to often it is the elderly and disadvantaged who are taken advantage of in fraudulent investment schemes. The Canada Revenue Agency recently released some general information that applies to taxpayers who participated in what reasonably appeared to be a legitimate investment for income tax purposes. Generally speaking, an amount…

Continue Reading

Estate Trustees and Costs of Litigation: Try not to take it personally?

In the work I do, I am asked to provide expert testimony to support litigation. In some cases, I am often quite surprised to what extent parties will continue to litigate matters that appear to be “no-wins” or for small dollar amounts. Depending on the circumstances, parties have taken the…

Continue Reading