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On June 26, 2013, the US Supreme Court ruled Section 3 of the Federal Defense of Marriage Act (DOMA) was unconstitutional as it violates the equal protection clause of the Fifth Amendment of the US Constitution as applied to persons of the same-sex who reside in states (and Countries or Provinces?) that recognize same-sex (or...
Following the death of a taxpayer, the filing of a number of different Canadian tax returns may be required, including: • Tax returns for years prior to the year of death • T1 Final • A Rights or Things Return Items which can be included in a Rights or Things return may include: • Matured but unclipped bond...
Canadian residents owning any US property can be subject to US estate tax. Strategies, such as the use of trusts, are available for structuring US real estate and assets to reduce or eliminate the potential liability from US estate tax. The Canada-United States Convention with Respect to Taxes on Income and on Capital provides Canadian...
Clearance certificates are written notices issued by the Canada Revenue Agency to confirm that an estate has no outstanding tax liabilities to Canada. If an executor distributes the assets of an estate before getting a clearance certificate confirming that all taxes and any interest penalties have been paid, the executor can be personally liable for payment of the...
A deceased individual is considered to have disposed of each capital property owned by him/her immediately before death and may realize capital gains and/or losses. If the total realized and deemed allowable capital losses for the year exceeds realized and deemed taxable capital gains for the year, the losses may be deducted in full, first...
The information below is presented from an accounting perspective and does not constitute legal advice. Estate matters can be complicated, and we recommend that an individual acting in the capacity of an estate executor use this outline in conjunction with obtaining legal advice. Canadian Estate Executor Responsibilities • Settle the estate according to the wishes...
As the Executor, you are responsible to: • Settle the estate according to the wishes of the deceased • Manage the settlement to provide maximum benefits to the beneficiaries • Most importantly – Avoid the personal liabilities for underpayment of taxes owed and the sigificant penalties that can be assigned due to late or incomplete filings. It...
While selecting an estate executor, certain skills need to be kept in mind. Since, an estate executor is liable for the execution of the estate, which if not carried out in the right manner could result in significant tax consequences not only on the decedent’s estate but for the estate executor as well. Here is...
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