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TAX CONSIDERATIONS FOR GIFTS OF SHARES IN CANADA

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Gwenyth Stadig, Natasha Barrett, Upama Poudyal, Abdullah Khalid, Amber LeBlanc all of Gowling WLG (Canada) LLP Canadian donors can donate a variety of types of property to “qualified donees” which gift can be eligible for donation tax credits. Subsection 149.1(1) of the Income Tax Act (“ITA”) defines the term “qualified donee” (“QD”) to include Canadian registered charities. The Canada Revenue Agency (“CRA”) maintains a list of QDs here. The nature….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Interest, International, Investments, IRS

Nuances with registered plans: Things to remember

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Today’s blog was written by Kelsey Buchmayer, associate with the Ottawa office of Gowling WLG (Canada) LLP Registered plans are an important factor to consider in an individual’s estate planning, whether it’s from a tax-planning perspective, bypassing probate and probate fees, or distributing assets in a specific manner. There are however some nuances when it comes to registered plans that should be kept in mind. Appointing a Successor Holder for….

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Succession Planning, Tax Issues

Not All Questions Are Appropriate for an Advice, Opinion or Directions Application: Discretion Must be Exercised by the Trustee, and not by the Court

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Anna Chen, Associate, Gowling WLG (Canada) LLP Often, estate trustees or trustees apply to the court for its opinion, advice or direction in respect to issues in the administration of the estates or trusts.  The questions put to the court may range from the interpretation of a clause in a testamentary instrument or questions as to whether the estate trustee or trustee has the authority to carry out certain steps….

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Estate Litigation

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

The New Canadian Entrepreneurs’ Incentive and Your Succession Plan

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Donya Ashnaei articling student and Maddi Thomas, associate, Gowling WLG (Canada) LLP Introduction Following a year marked by low GDP growth, high inflation, and rising interest rates, the federal government unveiled several proposed measures in Budget 2024, including an increase in the capital gains inclusion rate from 50% to 66.67% for corporations and trusts, and from 50% to 66.67%  on the portion of capital gains realized in the year that….

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Succession Planning, Tax Issues

Medical Evidence Under Sections 35 and 52 of the Evidence Act and Rule 53.03 of the Rules of Civil Procedure

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Irina Samborski, associate and Nina Fainman-Adelman, consultant, Gowling WLG (Canada) LLP Introduction The recent Ontario Superior Court decision, The Estate of William Robert Waters v Gillian Henry et al, 2024 ONSC 4190 (CanLII) (“Waters”) highlighted the importance of medical evidence in estate litigation. In that case, Justice Callaghan relied on the testator’s medical records—specifically, a prescription for an erectile dysfunction drug and a note reading “got a gf”—to find that….

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Estate Litigation
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