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PLZ Law Blog
Category Archives: Taxation
ESTATES & NFP: Income Tax and Family Law considerations at death
Date: November 3, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Income Taxes at Death Claims arising on the death of a spouse are not many, nor is there much jurisprudence dealing therewith. But claims arising on marriage breakdown are not uncommon and a frequently litigated issue is whether, for the purpose of computing a spouse’s Net Family Property (NFP), property owned by him or her ...
TRUSTS & ESTATES: How your Beneficiaries are taxed
Date: September 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Taxation of Beneficiaries Under subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a beneficiary is taxed in the hands of that beneficiary. In order to avoid double taxation, the trust or estate is allowed a deduction for an equivalent amount. This ...
TRUSTS & ESTATES: Transfering assets to your spouse or children
Date: September 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Trusts and Attribution The 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 rules are meant to attribute back to the transferor any income or capital gains generated from property transferred at less than fair market value consideration or for no ...
Real Estate Law: Goods and Services Tax/Harmonized Sales Tax (GST/HST)
Date: September 8, 2010 | Author: Maxim Zavet, BA, JD
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 addition to” the purchase price. Generally in residential resale transactions, this space is completed with “included in”, but it is essential to be correct because even though a used-residential ...
Trusts and Estates: Different Types of Trusts in Canada
Date: September 3, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Classification of Trusts 1. Testamentary Trusts The Income Tax Act defines a testamentary trust as a trust or estate that is formed consequent to the death of a tax-paying individual (ITA, s. 108(1)). It can also be created under the terms of a will or by an order of a court made pursuant to dependants’ ...
The Taxation of Trusts: Understanding Rates of Tax
Date: September 1, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Rates of Tax Under s. 117, ITA, a testamentary trust is subject to tax, at the same graduated rates as an individual, while the rate of tax payable by an inter vivos trust depends on the date the trust was established. Such trusts established after June 17, 1971 are subject to a flat rate of ...
How Trusts are Taxed in Canada
Date: September 1, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Taxation of Trusts The taxation of trusts and their beneficiaries are dealt with under Sections 104 to 108, inclusive, of the ITA. The fundamental principle with respect to taxation of trusts and estates is given in Subsection 104(2) of the ITA, which considers a trust or estate to be an “individual” for tax purposes. A ...
When to File a Terminal Tax Return
Date: August 10, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
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 by the following April 30, or June 15th if the deceased had business income. The deadlines are the same for individuals alive throughout the tax year. 2) For ...
Taxation of an Estate as a Trust
Date: August 10, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
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 the taxpayer’s death and before the distribution of the estate to beneficiaries are to be submitted. An estate cannot allocate its capital gains to its non-resident beneficiaries. Instead, they ...
Estate Tax Planning: RRSPs and Rollovers
Date: August 9, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
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 opposed to the estate of the taxpayer) by way of beneficiary designation is deemed to be income to the spouse and not the deceased. It is then possible ...
