Wills, Estate Planning & Wealth Preservation
- Business Succession
- Certificate of Appointment & Probate
- Estate Planning & Administration
- Power of Attorney
- Trusts
- Wills, Primary & Secondary
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...
Establishing the Beneficiaries of a Trust
BeneficiariesShould the beneficiaries be not specifically referred to by name, they could be referred to by class, such as “children”. However, the description of the class...
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...
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...
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...
