Précis: In 2009 Ms. Jacques received $389,502 in benefits under a US plan that had been owned by her late sister. The plan was a 401(k) plan and was subject to section 401(a) of the US Internal Revenue Code. CRA taxed the funds as a payment from a superannuation or pension plan. The Tax Court reviewed the evidence and concluded that the fund did not have the essential characteristics of such a plan. Accordingly the appeal was allowed with costs.
Jacques v. R. - TCC: Death benefit from sister’s US 401(k) plan not taxable as a pensionREAD MORE »