All About Estates

Tag: Tax

Total 6 Posts

Power of Attorney for Property & The Tax Association Rules

The small business deduction is a key tax incentive for entrepreneurs of small businesses.  If the corporation qualifies as a Canadian controlled private corporation (commonly referred to as CCPC), the net federal tax rate for active business income is 9% on the first $500,000. The Income Tax Act (the “Act“)…

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Digital Assets and RRSP’s, TFSA’s, RESP’s, etc

Do digital assets  e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens,  qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue…

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Someone else’s tax bill – Sometimes there is no getting away from it!

In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as…

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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…

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Tax Deferral Opportunity for CCPC Business Sales is Closing Soon

The March 22, 2016 federal budget included a measure to merge the eligible capital property (“ECP”) tax regime under the Income Tax Act (“ITA”) with the ITA’s depreciable property rules. Eligible capital property includes goodwill and certain other intangibles that were not previously included as depreciable property. For the most part these changes are benign, including that the overall tax amortization/depreciation rate is similar, and these changes represent a degree of tax simplification. The budget measure applies after 2016.

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