July 2016

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

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We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence for a taxation year is that it must be “owned” by the taxpayer. In common law jurisdictions, two forms of….

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Canada Revenue Agency, Capacity Law, Estate Administration, Estate Planning, Investments, Joint Tenancy, Liability, Property, Real Estate, Tax Issues, Trustee

Legacy Alive: G.U. Pope in Tamil Nadu

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As a philanthropic advisor, I constantly discuss legacy with clients.   Beyond a gift by will, a legacy transmits values, acts, and funds in a way that makes the world a bit better place.   Quite unexpectedly, I recently found out my great-great grandfather, George Uglow Pope, left what I can only describe as palpable living legacy.  I had to go to the south of India to discover it. Pope was an….

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Philanthropy/Charitable Giving

What do all of: Facebook, Linked-In, I-Tunes, Bitcoins, have in common?

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These virtual accounts are all “property” that an individual can own at the time they pass away. Unfortunately, because they are usually unknown to anyone but the owner and because they are otherwise not tangible, with little in the way of any form of physical record of their existence, they can also be lost to the virtual world unless the owner takes appropriate steps prior to his or her death…..

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Estate Planning

It is Not My Deed: How a Party Can Void a Trust Agreement

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One way for a party to set aside a trust agreement is by arguing that the settlor of a trust made a mistake about the trust. The concept, often found in contract law, is known as non est factum (note that a trust deed can be seen as a contract). The doctrine applies where there was both a mistake made in the execution of a contract, and the party was actually in error about….

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Trusts

Post Mortem Pipeline Planning – Good Things Come to Those Who Wait

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The Canada Revenue Agency (CRA) recently ruled in respect of a post-mortem “pipeline” transaction involving a private corporation whereby the children of that last-to-die parent received valuable shares of a private corporation where the deceased had reported a deemed disposition gain on their final income tax return.
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Canada Revenue Agency, Estate Administration, Estate Planning, Tax Issues
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