November 2024

Closer to Answering “Is This a Bare Trust?”

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Tangled Ropes Photo by Malcolm Burrows

Andrew Coates, Associate, Gowling (WLG) Canada In April, I wrote an article about the Canada Revenue Agency’s (the “CRA”) 11th hour reversal on requiring bare trusts to file T3 returns and Schedule 15s because of the confusion of Canadians and tax professionals alike in answering the question: is this a bare trust? It seems we are getting closer to answering this question based on an announcement from CRA on October….

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Canada Revenue Agency, Tax Issues, Trusts

“Can you tell me a bit about your practice?”

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This week, like many law firms in Toronto, Fasken participated in the annual 2L student recruitment process. I had the opportunity to meet many wonderful students, all with impressive backgrounds and bright futures ahead. I was asked by many of the students about my practice, and what I enjoyed most about estate planning. It was a great opportunity to reflect on what I love about my work. I thought I….

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Estate Planning, Practice Management, Succession Planning, Wills

I Would Like Exculpatory Clauses and a Side of…

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Exculpatory clauses or indemnity clauses in wills and trusts are common forms of protection provided to the trustees by testators and settlors. When a trustee is appointed under a testamentary or inter vivos trust document to administer and manage an estate or a trust, some consider it to be an honour and a privilege.  Unfortunately, the reality of the office of the trustee is often fraught with inexperience, lack of….

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Estate Litigation, Estate Planning, Executors, Wills

Limitation Periods and the Real Property Limitations Act

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In Gomes v Da Silva, 2024 ONCA 792 (“Gomes”), the Ontario Court of Appeal addressed the importance of bringing a claim for the recovery of real property within the ten-year limitation period set out under section 4 of the Real Property Limitations Act, RSO 1990, c L15 (the “RPLA”). Background In 1974, the Da Silva family purchased a house in Toronto.  At that time, the parents, Mr. and Mrs. Da….

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Appeals, Limitation periods

Penalties Under the Income Tax Act – Executor Beware

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As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are several sections dealing with the application of penalties.  Deadlines are important and there is a penalty equal to five percent….

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Estate Administration, Executors, Interest, Liability, Tax Issues

Why you Need a Power of Attorney When You Are Alive

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November is Make a Will month. It is reported that more than 55% of Canadians are without a Will. Still, it is a must-have for anyone with property or assets. While a Will may anchor an estate plan, it is only executed when you pass away. Even more compelling is that while we are alive, we may need someone to act on our behalf if we cannot speak for ourselves…..

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Elder Management, Estate Planning, Executors, Power of Attorney, Smart Ageing
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