March 2016

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

•

Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, Trusts

When Charities Die

•

Contrary to public perception, it is quite common for charities to die.   The majority of charities are small, volunteer-run entities and some run out of steam and are deregistered.  Since 2011, over 7,536 charities have had their status revoked by Canada Revenue Agency for reasons ranging from exhaustion and mergers (which produce voluntary revocations), failure to file the annual return, or cause. What happens when there is a gift by….

When Charities Die Continue Reading »

Estate Administration, Estate Planning, Philanthropy/Charitable Giving

NOT ALL RDSPs ARE CREATED EQUAL

•

My colleague, Katie Ionson, previously blogged about the new RDSP Income Tax Information Circular IC99-1R1, which the CRA released on February 10, 2016. The Circular contains useful guidance on a number of issues, including the requirements for an RDSP to be registered under the Income Tax Act (“ITA”). While some RDSP features are mandatory, other features are optional and are only available if the issuer has chosen to include them….

NOT ALL RDSPs ARE CREATED EQUAL Continue Reading »

Estate Planning

Strengthening Caregiving in Challenging Times

•

In our current economic climate cutbacks for supportive care for seniors is seeing increased responsibilities being shifted onto family members and “informal caregivers”. The term “formal” care providers refers to persons who are financially remunerated to care for a person. This can include professionals such as doctors, nurses, social workers, support workers, case managers, speech language pathologists, physical therapists and occupational therapists…..

Strengthening Caregiving in Challenging Times Continue Reading »

Elder Care, Geriatric Care Management

Challenging Will Challenges – Can they be estopped?

•

Will challenges are the cornerstone of estate litigation; indeed, they define the practice area. The reasons for launching a will challenge are relatively fixed: lack of testamentary capacity and undue influence being the most common. Another way of challenging a will is to have it “proved in solemn form.” By seeking to have a will “proved,” the propounder of the will, usually the estate trustee, must demonstrate to the court….

Challenging Will Challenges – Can they be estopped? Continue Reading »

Contested wills, Estate Administration and Probate Applications, Estate Litigation, Executors, In the News, Wills

Calendar year for testamentary trusts

•

Change in tax treatment of testamentary trusts arising may result in a deemed tax year end of December 31, 2015. For testamentary trusts previously having a non-calendar year end, the receipt of dividends by the trust on December 31, where the trust habitually allocates this income to its beneficiaries at the trust tax year end, could result in the allocation of dividend income from two trust tax years for the 2015 tax year of the beneficiaries. ….

Calendar year for testamentary trusts Continue Reading »

Canada Revenue Agency, Estate Planning, Executors, Tax Issues
Scroll to Top