Malcolm Burrows

Total 162 Posts

 Website

Malcolm is a philanthropic advisor with over 30 years of experience. He is head, philanthropic advisory services at Scotia Wealth Management and founder of Aqueduct Foundation. Views are his own. malcolm.burrows@scotiawealth.com

Rethinking Testamentary Charitable Remainder Trusts

•

The tax treatment in Canada of testamentary charitable remainder trusts (CRT) has long been an exercise of metaphysical complexity. Although a charity may receive property from a trust established by will, tax receipts are rare. What looks like a gift isn’t for tax purposes. The new “estate donation” rules in sub-section 118.1(5) that became effective in 2016 have quietly changed this reality, but it may take a while for CRA….

Rethinking Testamentary Charitable Remainder Trusts Continue Reading »

Estate Planning, Philanthropy/Charitable Giving

When Charities Die

•

Contrary to public perception, it is quite common for charities to die.   The majority of charities are small, volunteer-run entities and some run out of steam and are deregistered.  Since 2011, over 7,536 charities have had their status revoked by Canada Revenue Agency for reasons ranging from exhaustion and mergers (which produce voluntary revocations), failure to file the annual return, or cause. What happens when there is a gift by….

When Charities Die Continue Reading »

Estate Administration, Estate Planning, Philanthropy/Charitable Giving

60 Months: Estate Donations Revised

•

On January 15th, 2016 the Department of Finance announced changes to the trust and estate donation rules that came into effect at the beginning of 2016.   Three measures affected charitable donations, including two improvements to the “estate donation” rule. 1. Timing of Transfer Estate donations – gifts by will and direct designation gifts of life insurance and registered funds – were originally aligned with the 36-month graduated rate estate (GRE). ….

60 Months: Estate Donations Revised Continue Reading »

Estate Planning, Philanthropy/Charitable Giving

Estate Donations of Art

•

Fine art is an asset class that has been growing in importance among the affluent and is beginning to be a significant part of certain estate plans.   One estimate pegged the international art market at €51 billion in 2014, and Canada has seen record prices at auction.   Many collectors are contemplating donating their art at death, but the process has its challenges. The top-of-mind recipients of art are galleries and….

Estate Donations of Art Continue Reading »

Charitable Giving, Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Chan and Zuckerberg’s Post-Charity Initiative

•

Pretty much anything related to Facebook founder Mark Zuckerberg and his wife Priscilla Chan garners headlines. The announcement that they would be giving away 99 percent of their fortune – currently worth $45 billion in Facebook shares – prompted visions of a massive private foundation in the manner of Bill & Melinda Gates Foundation. Instead the couple said they were putting the fund into a Limited Liability Company (LLC) to….

Chan and Zuckerberg’s Post-Charity Initiative Continue Reading »

Philanthropy/Charitable Giving

Private Foundation Continuity

•

The combination of “private foundation and perpetuity” is a bit like “Fred and Ginger”, always linked in the public mind. Since 2000, however, the charitable status of 1,750 Canadian private foundations has been revoked. Of that number, 1,088 private foundations deregistered on a voluntary basis at the request of trustees or directors. To put these numbers in context, the number of new private foundations registered since 2000 is 2,983. In….

Private Foundation Continuity Continue Reading »

Estate Planning, Philanthropy/Charitable Giving
Scroll to Top