Reversionary trusts – an interesting technicality

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Co-author: Rock Lapalme, CPA, CA, TEP (Associate Director of Tax – Baker Tilly Canada) Most practitioners are aware that subsection 75(2) of the Income Tax Act (ITA) may apply to a trust and will attribute all income or loss from a trust’s property back to the person (transferor) from whom the property (or substituted property) was directly or indirectly received if the property may revert to the transferor[i]. In addition….

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Tax Issues, Trusts

Happy Holidays- However You Celebrate (or don’t)…..

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Like many families around the world, I lit the menorah for the first night of Chanukah. It is always a magical time to chant a familiar tune that has been passed from generation to generation.  It is a time to remember, not only the history of how the holiday came to be, or why it was called the miracle of lights, but to remember family. I embrace my family with….

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Caregiving, Elder Care

It’s the Most …… Time of the Year!

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Hectic, chaotic, busy, stressful, demanding are all words that can easily be a substitute for “wonderful” when thinking about our practice at this time of the year. With in-person holiday events and functions slowly starting to return to some sort of normalcy after a quiet few years, the added demands for our time have increased this year over last. For those who typically do not deal with the December “crunch”,….

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Trustee, Trusts

An Estate Donation of a Company  

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[caption id="attachment_19850" align="aligncenter" width="471"] Donor Miriam Bergen’s photo is held by her niece, Doris Geitz. (CBC)[/caption] On Giving Tuesday last month, The Winnipeg Foundation announced a $500 million estate donation from a local donor, Miriam Bergen.  The donation is of two companies.  Appleton Holdings Ltd., which owns Edison Properties, which in turn holds 27 rental apartment and commercial buildings in Winnipeg. The donor’s wished that her 200 employees “retain their….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

By Branch But Within Its Own Class: Interpreting Per Stirpes in a Will

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Per stirpes. It is a term that is often used in estate planning and will drafting yet is also one which frequently causes problems. Perhaps because the meaning is not always understood, even by estates practitioners, and therefore the term is misused. Or it could be because the term can be interpreted differently when a testator’s intentions are taken into account.  In the recent decision in Jonas v Jonas, 2022….

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Estate Litigation, Wills

What is your holiday tradition?

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With holidays around the corners, I thought I would repost a seasonal blog. The holidays can be a wonderful time to spend together with loved ones, remembering the meaning of the season and celebrating together. When visiting with and sharing time with a family member who has dementia, the challenge is with the expectation. The Alzheimer’s Society notes that often caregivers must deal with feelings and emotions that arise when….

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Caregiving
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