Can RRIF proceeds paid after death to a testamentary trust, and used to purchase an annuity for the deceased’s grandson, qualify for a tax deferred rollover? The Canada Revenue Agency (“CRA”) was recently asked to rule on the following set of circumstances and facts. The grandson’s parents were incapable of caring for him and he…
Category: Dependant Support
Total 37 Posts
The CRA was asked if a deceased registered pension plan (“RPP”) member’s pension benefit could be transferred tax-free to the registered disability savings plan of the RPP member’s financially dependent infirm child .
The government is consulting with Canadians on “providing more inclusive caregiving benefits for Canadians who provide care to a family member.” It is time to speak up or at least take the survey.
The Canada Revenue Agency (CRA) was asked if a duplex occupied by a taxpayer and her aging parent could be treated as the daughter’s taxpayer “principal residence” for the purpose of claiming the principal residence exemption from the capital realized on the sale of the duplex at a later date.
The Divisional Court recently released its decision in Dagg v. Cameron Estate (the trial decision was previously discussed on this blog here). In brief, the appellant Anastasia Cameron married the deceased, Stephen Cameron, in 2003. They had two children. Stephen took out a life insurance policy in 2010 and named…
Even when a dependant’s entitlement to and need for support is clear, there simply may not be enough money in the estate to provide assistance. For this reason, the Succession Law Reform Act (“SLRA”) allows certain assets passing outside of the estate (often to a designated beneficiary) to be clawed…
The process of separating from one’s spouse is never easy. Beyond the emotional toll, assets must be divided and it may be necessary to make plans for ongoing spousal and child support. Even after a settlement has been reached, death can derail the best laid plans. Such was the case…