Trusts, Trustees and Estate Planning
What is a Trust? In Canada, 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 trust …
Estate Trustee
Filing Tax Returns for a Deceased Person in Canada
TAXATION AT DEATH AND PERSONAL TAX PLANNING Extension of Time for Filing Returns Along with the extended deadline for the filing of the basic terminal return, there is a special …
Filing Tax Returns for a Deceased Person in Canada Read More
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 by the following …
Guardians of the Property of Minor Children
In Ontario, Canada, No one, including parent or custodian, has an inherent right to possess or control property or assets otherwise belonging to a minor child. They can, however, apply …
Guardians Chosen in a Will, and the the Children’s Law Reform Act
Guardians, Custodians, and the Children’s Law Reform Act In Ontario, Canada, conventionally, “guardians” of minor children are whomever the parent has named in his or her will to take care …
Guardians Chosen in a Will, and the the Children’s Law Reform Act Read More
Creditors, the CRA and the Role of Estate Trustees
In Canada, the personal representative (ITA, s. 150(3)) carries the responsibility of addressing the tax consequence of a taxpayer’s death. But the ITA (Income Tax Act) does not merely create …
Creditors, the CRA and the Role of Estate Trustees Read More