Tag: Trustees
Tag: Trustees
ESTATES & EQUALIZATION: How can a spouse elect his/her family law rights over a Will
The Equalization ClaimA right for the surviving spouse to make an equalization claim under the Family Law Act (“FLA”), subsection 70(1)(b), is possible only due to...
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...
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...
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...
HOW TO START AN APPLICATION TO THE COURTS
“Applicant” is the individual submitting an application, and “respondent”is the person against whom an application is made. The respondent who has been served with a Notice...
