Entries by KRP

October tax news: Qualified disability trusts, gifts of property–and more

QUALIFIED DISABILITY TRUSTS A qualified disability trust (“QDT”) is a testamentary trust that can be set up for disabled beneficiaries who are eligible for the disability tax credit. A testamentary trust basically means a trust that is set up under your will, and takes effect after you die. You might consider setting up a QDT […]

August tax news: Employee stock options, understanding GAAR–and more

EMPLOYEE STOCK OPTIONS   Many readers are likely aware how these employee stock options work. In general terms, if you are an employee and are granted a stock option from your employer corporation, you have the right (but not an obligation) to exercise the option and acquire shares in your employer’s corporation at an “exercise […]

June Tax News: New trust reporting, tax planning and the CRA, why court cases matter

CRA REQUIRING ADDITIONAL TRUST REPORTING—INCLUDING BARE TRUSTS In February 2018, the federal government announced plans to require extensive tax reporting from all trusts in Canada. Trusts are used for many different reasons, such as to keep family assets private, and to protect children until they are old and mature enough to manage money wisely. But […]