January 2020

Secret Trusts

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Secret and trusts are essentially trust arrangements made between a testator and a trustee, without written disclosure or agreement of the terms of the arrangement, but where an understanding exists between the parties. Based on precedent in case law, the essential elements of a secret trust are: • An intent by the testator to subject the trustee to an obligation in favour of a beneficiary; • Communication of that intent….

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Estate Administration, Estate Litigation, Liability, Resulting Trust, Trustee, Trusts, Uncategorized, Wills

New Stats Canada Data on Caregivers in Canada

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Statistic Canada last week (January 8, 2020) released some data from the 2018 General Social Survey (GSS)on Caregivers in Canada (Cycle 32).  It is based on information obtained from 7664 respondents who provided care to a ‘family member or friend with a long-term health condition, a physical or mental disability or problems related to aging.’ The information is fairly similar to the data from the 2012 General Social Survey although….

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Caregiving

Registered Education Savings Plans: Back to Basics

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Registered Education Savings Plans (RESPs) are tax-deferred education savings vehicles designed to assist parents (or other family members and friends) to save towards a beneficiary’s post-secondary education.  A contract is entered into between a subscriber (i.e., parents) and a promoter (i.e., bank or trust company), whereby the subscriber contributes funds for one or more beneficiaries, and the promoter manages and invests the contributions. There are specific requirements under the Income….

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Uncategorized

Fiduciary Investing Series – Don’t REIT around the bush

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This blog has been written by Robert Boyd, Director, Scotiatrust Real Estate Investment Trusts, or REITs as they are commonly referred to, are companies that own real estate which generate an income. They can be a useful investment vehicle as they are often well diversified and can allow an individual to invest in the real estate market without purchasing a property, while avoiding the ongoing maintenance that comes with outsight….

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Uncategorized

Death of a Beneficiary – Alter Ego and Joint Spousal Trusts

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At a recent tax conference, the Canada Revenue Agency (CRA) shared its view on reporting a post-mortem loss incurred by a trust in the first year following the death of the last life interest beneficiary (the settlor in the case of an alter ego trust, and the last to die of the spouses in the case of a joint spousal trust. Both an alter ego trust and a joint spousal….

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Canada Revenue Agency, Executors, Tax Issues
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