Tax Law
Taxation of an Estate as a Trust
Upon the death of a taxpayer, a T3 trust tax return is prepared, as well as a report of the income earned by the estate after...
Estate Tax Planning: RRSPs and Rollovers
Registered Retirement Savings Plans (RRSPs)Like non-depreciable capital property and depreciable capital property, a spousal rollover is available for RRSPs. Money directly received by the spouse (as...
Keeping your Trusts Clean
Cleansing Tainted TrustsA qualifying spousal trust could inadvertently lose its special status by inadvertently putting capital in the hands of persons other than the spouse. In such situations,...
Trustees: Distributions and Payments to Minor Children
Wills containing benefits held in trust for minor children would usually include clauses authorizing the estate trustee to distribute from the child’s trust directly to the...
Taxation at Death: Using Rollovers to Defer Taxes
RolloversAccording to the Canadian Income Tax Act there are two circumstances under which death need not bring forth a deemed realization of non-depreciable capital property or...
The Liability of Personal Representatives in Estate Administration
Personal Liability of Personal RepresentativesThe purpose of the personal liability provision is to encourage personal representatives to ensure that they do not overlook their obligations, such...
How We’re Taxed when We Die
A pertinent question often asked in respect of taxation at death is: Would there be any estate taxes or succession duties? Strictly speaking, the answer is...
Understanding Municipal Tax Sales: Legal Challenges
Other Legal Challenges Earlier we have discussed three Municipal Tax Sales clauses, which if applicable, leads to cancellation of sale. Besides cancellation by the treasurer, the...
Some Notes on Municipal Tax Sales
GST On July 1, 2010, the Harmonize Sales Tax (HST) will replace GST in Ontario. However, the province’s municipal tax sales legislation precedes the federal GST...
An Overview of Municipal Tax Sales
As municipal tax sales are not that frequent, it is not uncommon for purchasers to proceed without professional advice. As a consequence, real estate practitioners often...