Trusts

30 Aug

Trusts, Trustees and Estate Planning

What is a Trust?The word “trust” has not been defined in the Income Tax Act (ITA), nor is there any definitive guideline to establish whether or not a...

24 Aug

Filing Tax Returns for a Deceased Person

TAXATION AT DEATH AND PERSONAL TAX PLANNING Extension of Time for Filing ReturnsAlong with the extended deadline for the filing of the basic terminal return, there...

11 Aug

Wills and estates of Natives

Administration and probateWhen the estate of a member of the First Nation falls within the jurisdiction of the Indian Act, the procedures for administration and probate...

10 Aug

When to File a Terminal Tax Return

The due date for the terminal return depends upon the date of the deceased’s death:1) For a death prior to November, the terminal return is due...

10 Aug

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...

9 Aug

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...

9 Aug

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,...

4 Aug

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...

4 Aug

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...

29 Jul

Resulting and Constructive Trusts: Damages and Vesting Orders

Damages and Vesting Orders in Lieu of Constructive TrustThe Ontario Superior Court of Justice in McLean v. Danicic et al. discussed an application by a common...