As tax and estate planning goes, advisors look for signs of things to come and events to happen. We have started to hear rumblings about rising interest rates perhaps suggesting some action may be required where prescribed rate loans are involved. Last week I was alerted to the fact the…
Category: Interest
Total 37 Posts
This Blog was written by: Natalie Rouse As some of you may have read in recent celebrity news such as the UK Mirror, the daughter of Michael Hutchence (a founding member and lead singer of rock band INXS) and Paula Yates (television personality), Heavenly Hiraani Tiger Lily (“Tiger”), is currently…
The prescribed rate is the minimum interest rate prescribed by the Canada Revenue Agency (“CRA”) that should be charged on various non-arm’s loans such as those made by you to your spouse or child (through a family trust). Such loans are a common device to split income with others in…
When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it…
As regular readers know, we occasionally invite guest bloggers to contribute to All About Estates Today’s blog was written by Norman Bowley, a partner and chair of the Estates and Succession Group at Low Murchison Radnoff LLP . In my wallet you will find a plastic card the size of a credit…
TFSA’s – a refresher on the Rules
By Steven Frye •
November 15, 2016
Borrowing heavily from some recent literature on this subject, I though it may be useful at this time of the year to quickly revisit some of the rules surrounding tax free savings accounts (“TFSA”) Contribution room for an individual’s TFSA is the total of the TFSA dollar amount for the…
TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES
By Steven Frye •
August 23, 2016
One of the many tasks associated with the administration of trusts is making sure all tax payments are made on a timely basis to protect the trust and its beneficiaries from avoid interest and penalties. In this regard, most trusts are required to make installment payments. Prior to 2016 only…
INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?
By Steven Frye •
June 14, 2016
Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal…
ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER
By Steven Frye •
April 12, 2016
When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The…
Memorial Jewellery – From Ashes to Diamonds?
By Jasmine Sweatman •
September 19, 2011
After cremation, most people think of ashes being “sprinkled”, held in an urn or interred. Many companies are advertising different options in the form of “Memorial Jewellery”, and one has developed a method of creating diamonds that are purportedly “molecularly identical to naturally occurring diamonds” from cremated remains.