Death of A Taxpayer, 14th Edition

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

The new edition of Death of A taxpayer is fully updated to reflect the latest 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.

The update is significant, and every chapter reflects legislative changes and new interpretations, including commentary on:

• Summary of Ontario case law interpreting the relatively recent (as of January 1, 2022) change in Ontario from being a "strict compliance" regime (i.e. where a will is only valid if all of the formalities for its execution were followed correctly) to a "substantial compliance" regime (where a will can be validated by a court, even if it has not met all of the normal validity requirements)
• Summary of country-wide case law interpreting the ability for an individual to make a gift of only the "right of survivorship" in an asset
• Consequences of receiving an indemnity from a beneficiary of an Estate
• Potential bare trust reporting for an Estate while awaiting a clearance certificate
• New flowchart in respect of potential section 116 filings for distributions to a non-resident beneficiary
• Tax consequences of an excess RRSP contribution at the date of death
• Proposed rules regarding transfers of funds from an RRSP, RRIF or RPP to an “unclaimed property authority” for “unlocated individuals”   
• New flowcharts to assist in reporting the tax consequences of funds held in an RRSP or RRIF at the date of death
• Update to the First Home Savings Account discussion to reflect enacted vs. draft legislation
• Updated property flipping discussion including BC equivalent legislation
• Excessive interest and financing expense limitation to reflect enacted vs. draft legislation
• Potential amendments to the 164(6) loss carryback regime, as discussed in the August 2024 Draft Legislation
• Intergenerational business transfer rules and the death of child purchaser
• Expanded discussion of personal use properties beyond listed personal property
• Updates to TFSA commentary including treatment of excess TFSA contributions
• Updates to digital asset commentary to reflect OECD model rules on crypto assets
• The effect of the changes to the Alternative Minimum Tax regime on Graduated Rate Estates
• T3 and Schedule 15 filing requirements for trusts and bare trusts (as set out in the August 2024 Draft Legislation and the August 2025 Draft Legislation) including a new flowchart to assist with filing requirements
• The potential to reduce overall taxes by having income taxed in an estate, potentially even beyond the "Executor's Year"
• The CRA's views on whether designating a charity as a beneficiary of a trust (including the common situation where a charity is designated as a residuary beneficiary of a testamentary spouse trust) would or would not result in the trust being deemed to have made a charitable donation at the time of the transfer of assets to the charity
• Applying for a clearance certificate, and potentially requiring indemnities from beneficiaries, for Alter Ego/Joint Partner Trusts
  Qualified Disability Trusts
• The meaning of "vested indefeasibly", in the context of assets passing to a Spouse Trust
• Applying for a clearance certificate, and potentially requiring indemnities from beneficiaries, for Spouse Trusts
• Effect of separation and divorce on a will
• An executor's ability to continue, or commence, a court application in the name of the deceased for equalization in the context of a separation or divorce from the spouse of the deceased (contrasted with the surviving spouse's ability to do the same thing)

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