fbpx

RLB Blog

Categories

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. 

Continue Reading

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 was later revised delaying the effective date of the legislation and effective December 15, 2022. 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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

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.

Continue Reading

Tax Filings Upon Death- What You Need to Know as an Executor

Tax Filings Upon Death- What You Need to Know as an Executor
October 6, 2021

 The role of the executor is an important one. Whether you were expecting to take on this role, or have had to take it on unexpectedly there are some important tax filings to be aware of. Here are the most common filings you will come across. 

Continue Reading