Canada Tax

Canada tax questions answered by Experts

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I will be receiving revenue from a testimonial trust, as…

I will be receiving...

I will be receiving revenue from a testimonial trust, as part of an inherited trust, and am not sure how it will impact my current Canada Pension, old age security and guaranteed income supplement. Can you provide an answer?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I am working on negotiating a settlement on my late fathers estate which was set up originally in 2003, and I am benificiary only on this estate. I am unclear if I will loose my guaranteed income supplement as a result. Again the amount I am to receive annually may cause a loss of my GIS, which changes my income.

Show More
Show Less
Ask Your Own Canada Tax Question
Answered in 8 hours by:
3/20/2018
Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 106,013
Experience: Lawyer
Verified

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

Ask Your Own Canada Tax Question

Essentially what will happen is that you may lose your GIS depending on your financial situation. It could affect the amount of OAS you get or the tax clawback.

It will not affect your CPP as that is entitlement based on not needs based.

Does that fully answer your question?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 106,013
Experience: Lawyer
Verified
Legal Ease and 87 other Canada Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a canadian tax expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Legal Ease Your Own Question
Legal Ease
Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 106,013
106,013 Satisfied Customers
Experience: Lawyer

Legal Ease is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Arthur Rubin

Arthur Rubin

Tax Preparer

35 satisfied customers

Tax preparer with 23 years experience, including US/Canada tax returns.

Legal Ease

Legal Ease

Lawyer

106,013 satisfied customers

Lawyer

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,539 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,786 satisfied customers

15years with H & R Block. Divisional leader, Instructor

< Previous | Next >

Related Canada Tax Questions
I became joint cottage owner with my father in 2008. He died
I became joint cottage owner with my father in 2008. He died in 2017. He sold his house a after my mother passed away in 2005. Estate can claim cottage as principal residence from 2005. And for 20 yea… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
Gentlemen, I'm retired with a minimum guaranteed pension ~ $
Gentlemen, I'm retired with a minimum guaranteed pension ~ $ 16,000, 75 years. I would like to make an invention, money I do not have, but I would try a "crowndfounding" financing. From crowndfunding … read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
35 satisfied customers
Debra) Legal Ease, Thank you for your response. I am
Hello (Debra) Legal Ease,Thank you for your response. I am divorced and my ex-wife moved with my two kids recently to Canada. Does this impact me directly in the future considered that I know have tie… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
Second opinion] My mother inherited a canadian farm property
Second opinion] My mother inherited a canadian farm property from my father when he died in august 2016. She is a non resident of canada but is moving to canada in April and has a buyer lined up to bu… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
My mother inherited a canadian farm my father owned. It was
My mother inherited a canadian farm my father owned. It was not in her name when he owned it. She is not a resident of canada. Neither of them have been primary residents since he's owned the farm. Sh… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
This is a question about UK residents receiving Old Age
This is a question about UK residents receiving Old Age Security (OAS) payments from Canada.The tax treaties between Canada and the UK mean that pension and some other forms of income are not taxed in… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,662 satisfied customers
An estate account in Ontario is in the process of being
An estate account in Ontario is in the process of being closed; the correct share of the funds were wired to a benificiary who lives in the US. ( The process of probate already happened. ) Is CRA form… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,786 satisfied customers
I inherited US money from my relative citizen of the US. Now
I inherited US money from my relative citizen of the US. Now everything is processed. This amount might be 50.000 to (probably) 100.000 US dollars. I am a Canadian citizen with a very modest yearly in… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
My question is for an accountant with canadian expertise,
My question is for an accountant with canadian expertise, specifically Calgary, Alberta. As a nonresident, condo owner who wishes to rent what are thecanadian tax implications? The rental income will … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,662 satisfied customers
In 2015 our family sold a property that was inherited from
In 2015 our family sold a property that was inherited from our mother in 2003 when she died. her will stated that she was giving her estate evenly to the 5 children. The property sold for $500,000 . T… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
the executors of the estate (also beneficiaries) just sent
The executors of the estate (also beneficiaries) just sent a letter to myself and my brother (also beneficiaries) stating they have been advised by their lawyers to not file for a Certificate of Clear… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,662 satisfied customers
Can a retired couple buy an investment property without risking
Can a retired couple buy an investment property without risking their CPP income? What is the threshold for investment property income?… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
I am married with a family of four. I own my own software business
I am married with a family of four. I own my own software business and my wife has a salaried role with an eCommerce company. My kids are all school age, living at home. Should we establish a family t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,662 satisfied customers
My Dad just passed and I am going thru his papers etc. I have
My Dad just passed and I am going thru his papers etc. I have found he has a British pension that he kept in a bank account in England and as far as I can tell he has never had a T1(?) and so has neve… read more
Expert
Expert
Is a U.K. war pension, awarded to a surviving spouse of the
Is a U.K. war pension, awarded to a surviving spouse of the original recipient, taxable income in Canada? If not, does it need to be shown in any way in the annual income tax return? Will it be counte… read more
Expert
Expert
I am a Canadian (59 yrs. old) with American Citizenship and
I am a Canadian (59 yrs. old) with American Citizenship and have been living in the US for the past 25 years. I have a retirement account in Canada which I have not withdrawn any money from. My accoun… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mother lives in Canada. I live in UK. Can she gift money
My mother lives in Canada. I live in UK. Can she gift money to me and my children direct to my bank account, how much each year before the uk tax office needs to be informed. If she dies, my part of h… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
106,013 satisfied customers
I am a Canadian Citizen but I am a permanent resident of the
I am a Canadian Citizen but I am a permanent resident of the US. I have started receiving my Canada Pension and received an NR4 today. I have no clue what I am supposed to do with it. Am I to file a C… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x