Apr 19, 2021
As you may know, we have supported a request to the CRA to extend the April 30 deadline to June 15. But if the deadline is NOT extended, here are some practical tips to reduce the burden of a COVID tax season.
Enlarging the pie can be the difference between settling estate litigation and a lengthy court battle. But how do you increase the size of the pie when there is only so much filling to go around. You make sure the tax departments don’t eat too much. Good tax planning can increase the chances of settling.
But don’t confuse tax planning with tax return preparation. Determining what estate tax returns are required and how they should be filed takes experience but if it is the extent of the tax advice you obtain, the government could well be sharing too much of the pie. For example;
The questions are almost limitless and often not asked, or are asked too late. Consideration of the tax implications of your options has to be performed while you are assessing them; not at the mediation table.
At Cadesky Tax, we fill the tax advisory gap between litigation and tax return preparation. How? By bringing results driven tax specialists, respected by trust and estate practitioners, to your team. But it’s hard to create solutions if we come to the table too late in the process. Tax issues arise in every settlement scenario and success depends on understanding the issues and options every step of the way, not just when a settlement is proposed, or at mediation.
Where you can’t settle, your chances of success at mediation are enhanced if your team includes an estate tax specialist who has been consulting on the tax aspects of the litigation throughout the process.
At Cadesky Tax, we know trust and estate planning. We know trust and estate litigation. We know you shouldn’t “settle for less” when you can “settle for more”.