Malcolm Burrows

Total 164 Posts

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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

Are Charities Second-Class Beneficiaries?

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Charities face a bizarre challenge when administering gifts by will.   It should be simple.   After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust.   The money is owed to the charity and the interest in the trust is legally enforceable.   Charities, however, are often considered to be second-class beneficiaries. What does it mean to be a “second-class beneficiary”?   The idea….

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Charitable Giving, Estate Administration, Philanthropy/Charitable Giving

Strangers in Family Foundations

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Family charitable foundations are often equally about the family working together as they are about charity.  While the purpose of a foundation must be exclusively charitable, the founders’ hope is that future generations of family will have a place to work together and act on their values.   But how, particularly in an estate plan, do founders keep a family foundation on course?   One strategy is an independent director….

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Charitable Giving, Estate Planning, Philanthropy/Charitable Giving

Rethinking Testamentary Charitable Remainder Trusts

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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….

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Estate Planning, Philanthropy/Charitable Giving

When Charities Die

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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….

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Estate Administration, Estate Planning, Philanthropy/Charitable Giving

60 Months: Estate Donations Revised

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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). ….

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Estate Planning, Philanthropy/Charitable Giving

Estate Donations of Art

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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….

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