Estate advisors looking at tax minimization and corporate restructuring of their clients’ affairs as part of their estate and wealth planning will now need to consider the new changes to the General Anti-Avoidance Rule (GAAR). Bill C-59 was introduced in Parliament on November 30th, 2023, and a section of the…
We’ve all heard of contempt of court, a common fixture in many courtroom dramas and law-related TV shows. In reality, civil contempt of court is quite uncommon, arising only on occasion during contentious litigation. In the estates context, contempt of court is most often linked to a party’s refusal to…
This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto I seem to keep bumping into quotes that remind me that life is simple, but people are complicated. There are perhaps many ingredients to this complexity. Culture is one of them. Last week, I presented at…
Our lives were upended a few years ago by the pandemic, and things since then have been anything but typical. From elevated inflation to skyrocketing interest rates, our expectations for the future and our perceptions of what is normal have been challenged. The word “unprecedented” may be overused, but it…
The headline is not intended to scare you off. Admittedly, governance is a notoriously dull topic, made worse by the enthusiasm of governance wonks. Charity governance is rarely a matter considered, at least overtly, by an estate donor when planning a gift by will. But strong governance is essential to good charities….
In Estate of Sydney Monteith v. Monteith, the court declined to award a share of the Deceased’s estate to his foster sister. Sydney (the “Deceased”) died on March 16, 2022. He left no Will. He had no spouse or issue and was predeceased by both his adoptive parents. Pursuant to…
Gwenyth Stadig, Associate and Upama Poudyal, Articling Student – Gowling WLG (Canada) LLP An increasing number of Canadian taxpayers are interested in giving pieces of art to charities or other qualified donees as part of their estate plans. Some of these Canadian taxpayers are choosing to make decisions to give…
January is Alzheimer’s Awareness Month in Canada. Just how aware are we in Canada? And what do we really need to know to plan for a growing dementia population effectively? The Cambridge Dictionary defines awareness as “the knowledge that something exists or understanding of a situation or subject at the…
Part II – Trust Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP This is Part II of a three-part blog series which provides an overview of the ‘attribution rules’ contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which summarizes the scope and application of…
The U.S. gift tax is often overlooked by Canadians and their advisors. Most U.S. citizens living in Canada are aware of the U.S. estate tax and gift tax application. However, when it comes to Canadian residents who are not U.S. persons, only a minority are aware of the potential application…