our 10th year
blog anniversary
I previously blogged about executors’ tax compliance responsibilities. In the past two plus years since that blog, there have been a number of changes of which executors and trustees should be aware. This blog provides an overview of key tax compliance responsibilities of executors and trustees and highlights some of
Probate is the often-dreaded process where an estate trustee receives a Certificate of Appointment of Estate Trustee which confirms their authority to administer the estate. While not mandatory, if there is a will, third-party institutions such as banks or the land registry office, when dealing with real property, typically require
Canada’s underused housing tax (UHT), which took effect on January 1, 2022, had its first filing deadline on April 30, 2023. However, the Canada Revenue Agency (CRA) provided transitional relief so that no penalties or interest will be applied for returns and payments received before November 1, 2023. In a
Oh, did you think we were done with real estate and taxes for a while? Sorry to disappoint. Our last blog, “Selling Sunset: Real Estate Taxes Property Owners in Canada Must Know About,” discussed some new taxes and tax filings involving real estate in Ontario. Today we’d like to remind
Underused Housing Tax The federal Underused Housing Tax Act became effective January 1, 2022, and the first tax returns for those who need to file are due in 2023. It imposes a 1% annual tax on the value of residential real estate in Canada owned by any non-resident, non-Canadian that
In January of this year, our blog “New Year, New Estate Laws Are Here,” summarized the substantive changes to Ontario estate and trust law which came into effect on January 1, 2022. These changes were significant, and we expected significant litigation to go along with them. So far, this abundance
Moving is hard. There are so many details to take care of, to-dos to check off, people to inform. Moving internationally is even more complicated, often involving far-reaching tax implications and a new language, among other changes. In all the confusion and rush, things can get left behind. When it’s
A Canadian estate with U.S. connections can face complications due to the presence of any one of a number of factors. Sometimes these issues are known, and sometimes events occur which were not anticipated. When a child moves to the U.S., parents should review their estate plan and consider what
“When people are divided, the only solution is agreement.” John Hume Since we are all human, where there’s family, sooner or later there’s friction. Unfortunately, all too often the family cottage can become the source of such friction. Everyone has probably heard at least one unfortunate story about family members
The Ministry of Finance recently introduced a 15% tax on the purchase or acquisition of a residential property in the Greater Golden Horseshoe by individuals who are not citizens or permanent residents of Canada or by foreign corporations or taxable trustees. The new Non-Resident Speculation Tax (“NRST”) is in addition
© 1998 – 2024 by O’Sullivan Estate Lawyers LLP. All rights reserved.
TD Bank Tower Toronto-Dominion Centre
66 Wellington Street West, Suite 3430
P.O. Box 68 Toronto, ON M5K 1E7
CONTACT INFORMATION
Toll Free: 877-593-0064
Phone: 416-363-3336
Fax: 416-363-9570