Tax Planning
TRUSTS & ESTATES: How your Beneficiaries are taxed
Taxation of BeneficiariesUnder subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a...
TRUSTS & ESTATES: Transfering assets to your spouse or children
Trusts and AttributionThe attribution rules for trusts, transferors, and so on are given in Subsections 74.1(1) and 74.2(2) of the Canadian Income Tax Act (“ITA”). These...
Real Estate Law: Goods and Services Tax/Harmonized Sales Tax (GST/HST)
In the OREA standard form agreement (“OREA Agreement”), there is a blank space provided where it should be indicated whether taxes are “included in” or “in...
Trusts and Estates: Different Types of Trusts in Canada
Classification of Trusts1. Testamentary TrustsThe Income Tax Act defines a testamentary trust as a trust or estate that is formed consequent to the death of a...
The Taxation of Trusts: Understanding Rates of Tax
Rates of TaxUnder s. 117, ITA, a testamentary trust is subject to tax, at the same graduated rates as an individual, while the rate of tax...
How Trusts are Taxed in Canada
Taxation of TrustsThe taxation of trusts and their beneficiaries are dealt with under Sections 104 to 108, inclusive, of the ITA. The fundamental principle with respect...
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...
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...
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...
