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Death of a Taxpayer, 10th Edition

Death of a Taxpayer, 10th Edition

Author: Suzanne I.R. Hanson; Sandra A. Bussey
Publisher: CCH Canada
ISBN: 9781554965663
Published In: January 2012
Format: Paperback
Jurisdiction: Canada ? Disclaimer:
Countri(es) stated herein are used as reference only

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Author

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Key tool for lawyers, accountants, financial planners, executors, trustees and other professional advisors

Death of a Taxpayer offers a comprehensive review of the relevant income tax implications that occur at death. Fully updated to reflect the latest budgetary pronouncements, legislative changes, new case law, CRA administrative positions, this exclusive edition provides guidance to help minimize the tax burden on the estate of the deceased taxpayer.

Designed as an all-in-one resource for tax professionals, it contains detailed information on the intricacies of estate planning and income tax compliance, with expert commentary you can trust to address even the most complex tax issues that can arise at death. It is a key tool for lawyers, accountants, financial planners, executors, trustees and other professional advisors.

Topics include:

The tax treatment on death of income from rights and things, periodic payments, refund of premiums from RRSPs, etc.
The tax treatment of capital property at death
Rollovers to spouses, common law partners and qualifying trusts
Special issues regarding partnerships and farm property
Taxation of estates and testamentary trusts
Obtaining a clearance certificate
Distributions to beneficiaries
U.S. estate tax and tax issues affecting non-residents

Essential updates in this edtion:

Rollover of RRSP (or RRIF) proceeds into lifetime trusts and Registered Disability Savings Plans
Tax-free savings accounts
Registered Education Savings Plans
Jointly held property
Pension income splitting election
U.S. estate tax update
Child tax credit
Definition of “testamentary trust” in s. 108
Executor's year
Determination of the residence of a trust
Bequests of certain capital property
Qualified fishing property
Update of Ontario family law issues

Preface

Chapter 1: Introduction

Tax Planning at Death
Intestacy
Will Planning
Will Planning and the Ontario Family Law Act
Property Passing Outside the Will
Estate Administration

Chapter 2: Computation of Income and Taxes Payable

Filing of Returns
Liability of Personal Representative
Clearance Certificates
Elections to File Separate Returns
Periodic Payments
Rights or Things
Income from a Business
Income from a Trust
Reserves in the Year of Death
Pension Income Splitting Election
Registered Retirement Savings Plans
Registered Retirement Income Funds
Registered Disability Savings Plan
Home Buyers' Plan
Lifelong Learning Plan
Employee Profit Sharing Plans
Deferred Profit Sharing Plans
Registered Pension Plans
The Capital Gains Exemption
Other Deductions
Personal Tax Credits
Tax Credits: Separate Returns
Medical Expense Tax Credit
Charitable Donations Tax Credit
Alternative Minimum Tax
Payment of Tax

Chapter 3: Taxation of Property Held at Death

Capital Property
Depreciable Capital Property
Shareholdings and Death
Eligible Capital Property
Canadian and Foreign Resource Properties
Land Inventory
Principal Residence
Tax-Free Savings Account
Eligible Funeral Arrangements
Alter Ego Trusts
Registered Education Savings Plan

Chapter 4: Executors, Administrators and Trusts

General
Testamentary Trust
Residence of an Estate or Trusts
Filing Tax Returns for a Trust
Fiscal Period of the Estate and the Executor's Year
Income Recognition by Beneficiaries
Computation of Income of an Estate
The 21-Year Deemed Realization Rule
Interest on Inheritance Taxes
Dispositions of Property by a Legal Representative
Taxation of Distributions and Allocations to a Beneficiary
The Estate or Trust as a Conduit

Chapter 5: Spouses, Common-Law Partners and Qualifying Trust

Capital Properties
Reserves
Land Inventory
Resource Properties
Principal Residence
Death Benefits

Chapter 6: Some Income Tax Aspects of the Ontario Family Law Act

Framework of the Ontario Family Law Act
Estate Considerations
Filing Income Tax Returns
Qualifying Spouse Trust
Equalization Using a Trust
Tax as FLA Debt or Liability
Post-Mortem Tax Planning
Clearance Certificates
Registered Retirement Savings Plans

Chapter 7: The Taxation of Partnerships

Introduction
Disposition of Partnership Interest on Death
Other Issues

Chapter 8: Farmers and Farm Property

Introduction
Farm Property Rollovers
Cash Method of Computing Income
Basic Herds Livestock Inventory
Net Income Stabilization Account (NISA)
Hobby Farmers
Miscellaneous Items

Appendix 1

Canadian Taxation and the Non-Resident

Appendix 2

United States Estate Tax

Appendix 3

Checklist of Filing Requirements

Appendix 4

Checklist of Useful Information

Appendix 5

Relevant Interpretation Bulletins
Information Circulars Covering Death, Deferred Plans and Estates
Tax Rulings
Advance Tax Rulings (Second Series)
Technical News
Guides

Suzanne I.R. Hanson, BA, LLB, has been practicing in the area of tax and estate planning for more than 35 years, and is tax counsel with the law firm of Fogler, Rubinoff LLP. She has written numerous articles on taxation matters for the Canadian Tax Journal, the Canadian Tax Foundation Conference Proceedings and Tax Management International Journal. She has also lectured extensively at professional conferences and courses, including those sponsored by the Canadian Tax Foundation and by CCH Canadian Limited. Ms. Hanson is a past Governor and member of the Executive Committee of the Canadian Tax Foundation.

Sandra A. Bussey, CA, is a partner with KPMG LLP in Waterloo. She has been a tax practitioner for over 25 years and specializes in estate planning and tax planning for individuals and privately held corporations. She is a member of the CICA, the Canadian Tax Foundation, the Society of Trust and Estate Practitioners and a past president of the Waterloo Wellington Estate Planning Council.