A court application to pass accounts can be a costly and time consuming procedure. As such, courts may be reluctant to order one without a compelling reason. ….
When Will the Court Order an Estate Trustee to Pass his/her Accounts? Continue Reading »
Passing Of Trustees’ and Executors’ AccountsThe Canada Revenue Agency (CRA) was asked if a taxpayer’s property designated as his “principal residence” but rented and lived in by his son continued to qualify as his “principal residence” for the purpose of claiming a principal residence exemption to shelter a gain from personal tax.
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Principal residence exemption – renting to a child Continue Reading »
Canada Revenue Agency, Cottage, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Real Estate, Tax IssuesI want to float a trial balloon about charitable trusts. A clause stipulating that a trust should be limited to using income for charitable purposes, meaning that capital is untouchable, should be viewed as an administrative clause and not part of the charitable objects. The charitable purposes of the trust may be perpetual, but making the trust “income only” is a historical drafting convention that no longer serves the charitable….
Serving the Charitable Purpose Continue Reading »
Estate Planning, Philanthropy/Charitable Giving, Trustee, TrustsAs fellow bloggers have noted, the Society of Trust and Estate Practitioners held its annual national conference in Toronto on June 9th and 10th. Each year, one of the most anticipated sessions is the Canada Revenue Agency (“CRA”) Roundtable. Question No. 4 at this year’s Roundtable concerned the interplay between the preferred beneficiary election (“PBE”) and the qualified disability trust (“QDT”). I have in a previous blog outlined the requirements….
QDT’S AND THE PREFERRED BENEFICIARY ELECTION Continue Reading »
Estate PlanningGranny dumping’, not so lovingly defined as elderly people being abandoned by relatives or others in emergency departments, is happening close to home. What a sad comment on our society today and ultimately, ourselves. I believe that how we treat our elders is an indication of how we as a society are faring. We are not doing well…..
Granny Dumping- continued…. Continue Reading »
Elder Care, In the NewsToday’s blog was written by Elaine Blades, TEP Last week I had the pleasure of attending/presenting at STEP Canada’s 18th National Conference. I was joined by over 700 trust and estate professionals from across Canada. STEP members come from a variety of professional backgrounds: law, accounting, insurance, trust industry and financial planning. The common denominator is expertise, work and ongoing education in the trusts and estates “profession”. The diversity of….
A Wealth of Information for Trust & Estate Professionals Continue Reading »
Estate Planning