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New Trust Reporting Requirements

New Trust Reporting Requirements

The 2018 Federal budget released draft legislation relating to new trust reporting requirements applicable for trust year-ends ending on or after December 31, 2021. The draft legislation received Royal Assent to be applicable for trust year-ends ending on or after December 31, 2023. The new legislation changes the tax return filling requirements for trusts and additional trust information disclosure requirements were introduced. The new trust information disclosure requirements will be formulate part of your annual T3 Trust Tax Return on Schedule 15.

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Alex DiLello Earns TEP Designation from STEP Canada

Alex DiLello Earns TEP Designation from STEP Canada

Guelph, ON – February 9, 2023 – RLB is proud to announce that Alex DiLello has been accepted as a Full member of STEP Canada and has earned the designation of Trust and Estate Practitioner (TEP). The Society of Trust and Estate Practitioners (STEP) is a global professional body, comprised of accountants, lawyers, trustees and other practitioners that help families plan for their futures. 

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Family Trusts: 101

Family Trusts: 101

What is a Family Trust anyway and why do you need one? We have compiled some of the most common questions that our team receives regarding trusts to fully explain the intricacies of the Inter vivos (Family Trust) world. 

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RRSPs and RRIFs on Death

RRSPs and RRIFs on Death

RRSPs and RRIFs can be valuable tools to reduce your income and ultimately pay fewer taxes throughout your working career when your income is likely to be at its highest. However, it’s important to designate beneficiaries in your RRSP/RRIF contract and to have a plan in place to withdraw from your RRSP/RRIF once you retire, as holding an RRSP/RRIF at the time of your death can result in a significant income tax bill.

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Donation Planning and Gifts-In-Kind

Donation Planning and Gifts-In-Kind

Canadians donate their time, volunteer and fundraise for charities, and make charitable donations. All of these efforts contribute to the country’s societal wellbeing. In addition to benefiting society, when planned properly, charitable giving also may benefit the donor from a tax perspective. If you are considering making donations, be sure to include these in your tax and estate planning. This article will provide more details on the taxation rules that apply to charitable donations, specifically to donations made upon the death of an individual. Although there are various types of donations to utilize in planning, this article will focus on the tax treatment of cash gifts and gifts-in-kind.

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Investments and Terminal Income Tax Returns

Investments and Terminal Income Tax Returns

At the date of death As a general rule, when an individual passes away, they are deemed to have disposed of their assets on their date of death at fair market value (“FMV”). As a result, any accrued gains on investments held in non-registered accounts, and the full value of certain registered accounts, such as registered retirement savings plans (“RRSP’s”) & registered retirement income funds (“RRIF’s”), typically must be included as income on the deceased’s terminal income tax return.

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9 Reasons Why You Should Leave a Bequest to a Canadian Charity

9 Reasons Why You Should Leave a Bequest to a Canadian Charity
April 5, 2018
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