Don’t Forget the T1141s and T1142s!

• • 0 Comments

Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto My last blog post was very early in the year.  In that post, I outlined — and generally responded to — certain common questions posed by newcomers to Canada.  As the year progresses, Canada continues to draw in large numbers of immigrants (with many more arrivals anticipated in the coming years).  For many newcomers, their first or second Canadian….

Don’t Forget the T1141s and T1142s! Continue Reading »

Canada Revenue Agency, Canadian and US Tax Treaty, International, Tax Issues, Trusts, U.S. Citizen, Uncategorized, United States

Artist Inventory and Estate Donations

• • 0 Comments

[caption id="attachment_20100" align="aligncenter" width="658"] James Wilson Morrice, The Regatta, c. 1902-1907, oil on panel, 23.4 x 32.8 cm. Gift of A.K. Prakash, J.W. Morrice Collection, 2015, National Gallery of Canada, Ottawa. Photo: NGC[/caption] In estates, the tax rules governing professional artists and their art are both enabling and complex.  On the enabling side of the ledger, art is treated as inventory for tax purposes, which means works can have a….

Artist Inventory and Estate Donations Continue Reading »

Uncategorized

Pass Your Accounts, Or Risk Jail Time

• • 0 Comments

In the Estate of Nordby, 2023 ONSC 821, an executor was committed to prison for contempt of court for breaching a court order to pass accounts. Facts:  Jennifer Lynn Nordby died on January 23, 2013. Her Will appointed her father, Harold Nordby, as estate trustee and named her two children, one of whom was a minor, as beneficiaries. Mr. Norby obtained probate on October 30, 2013. The value of the….

Pass Your Accounts, Or Risk Jail Time Continue Reading »

Uncategorized

Genuine intergenerational transfers

• • 2 Comments

For many years, non-arm’s length intergenerational transfers of corporate businesses were treated inequitably under the Income Tax Act (ITA).  A transfer of a corporate business between non-arm’s length parties[1] resulted in dividend treatment to the vendor instead of capital gains treatment, precluding the ability to claim the capital gains deduction.  With the inability to claim the capital gains deduction and the loss of the preferential tax treatment for capital gains,….

Genuine intergenerational transfers Continue Reading »

Succession Planning

An Elder Care Planning Framework for Decision Making, Part 2

• • 0 Comments

This blog post on the Elder Care Planning Framework for Decision Making, Part 2, is based on a panel presentation at Elder Law Day in Toronto in March 2023. Participants expressed an interest in using the elder care planning framework to provide context for decision-making and planning. Part 1 proposed the framework as a tool to aid in decision-making for elder care management; read it here. The elder care planning….

An Elder Care Planning Framework for Decision Making, Part 2 Continue Reading »

Capacity Law, Elder Care, Elder Management, Geriatric Care Management, Power of Attorney, Smart Ageing

Tax Implications for Exempt Life Insurance Policies

• • 0 Comments

Today’s blog post was written by Pritika Deepak, an Associate at Fasken LLP. This is Part II of a three-part blog series which provides a high-level overview of some of the tax implications to consider, with respect to certain assets held at death. Part I, which addresses RRSPs can be found here: https://allaboutestates.ca/what-happens-when-a-taxpayer-dies-with-a-registered-retirement-savings-plan/ Part II of the blog focuses on life insurance policies owned at the time of death. Specifically,….

Tax Implications for Exempt Life Insurance Policies Continue Reading »

Estate Administration, Insurance, Tax Issues
Scroll to Top