Executors and Income Tax

Executors and Income Tax

  Executors and Income Tax In this article we’ll look at an executor’s responsibilities under the Income Tax Act. If you’re being considered as an executor of a will, we recommend getting legal advice before assuming the role, as it carries specific obligations under common and tax law. You should understand the nature of the […]

Changes To The Taxation Of Testamentary Trusts

Changes To The Taxation of Testamentary Trusts?

A testamentary trust (a trust established by will after death) is subject to tax at graduated income tax rates. Conversely, an inter vivos trust (a trust created during a settlor’s lifetime) is taxed at the highest marginal tax rate applicable to individuals (currently 43.7% in BC). Consequently, for access to graduated rates of tax for […]

Payments to Non-Residents

Payments to Non-Residents

If you make payments to non-residents of Canada, you may be required to withhold an amount from the payment and remit it to the CRA. Additionally, you may be required to file an annual information return and distribute tax slips to the recipients of the payments. Failing to do any one of these things could […]