Amendments to the CBCA: Implications for the Valuation of Interests in Trusts?

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Amendments to Canada Business Corporations Act (“CBCA”), will come into force mid-2019 which will require each private CBCA corporation to maintain a register listing the actual individuals (i.e., physical persons with name, address and date of birth and tax jurisdiction) with significant control in fact over the corporation including individuals who are beneficial shareholders with significant control: an individual who is a registered or beneficial owner of, or who has….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee, Trusts

Lucid Intervals and Testamentary Capacity

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As I understand, “lucid interval” is a legal doctrine that holds that testamentary capacity may exist at a moment in time even though the testator’s general state would be inconsistent with the conclusion that he possessed testamentary capacity.[i] The idea is that an individual who suffers from mental illness or a neurological condition may have periods in which his or her ability to reason and make thoughtful choices is preserved…..

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Capacity Law, Contested wills, Estate Litigation, Wills

Cambria? Calibri? Does The Font Matter?

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I read an article about quite an amusing case recently. An executive went to great lengths to shield his properties from creditors. In “1995” a declaration was executed purporting to establish a trust for the executive’s Muskoka cottage and in “2004” a declaration was executed purporting to establish a trust for the executive’s Caledon farm. The executive claimed that he didn’t legally own the properties but rather they were held….

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Broken Resolutions, New Opportunities

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Let’s be honest, you’ve already broken your New Year’s Resolution. But even though it’s January 24th, we haven’t missed the boat. January is a time for new opportunities, so why not target Chinese New Year on February 5th? Look at us! Embracing other cultures and being our best selves! Here are some ideas for your Lunar Calendar Resolutions….. More R-E-S-P-E-C-T  for Estate and Trust Professionals When Aretha Franklin famously sang….

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Estate Planning, In the News

Conflicts of Interest – When Lawyers Will Be Removed (or not)

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By the time a matter reaches trial, a client and her lawyer will have spent a significant amount of time together. A bond often develops over the course of the relationship, with the client trusting that her lawyer will put forward her position forcibly and knowledgeably. As a result, an attempt by the other side to remove the lawyer from the file is disruptive and often viewed with suspicion. To….

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Estate Administration, Estate Litigation, Executors, Family Conflict, Trustee Disputes

Spousal Rollover and Substituted Property

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Suppose the will of a deceased taxpayer provides that certain assets are to be transferred to a spousal or common law partner trust.  Before doing so, and while property of the estate is being administered, certain property might change or be substituted by the Estate.  For example, shares might be converted from one class to another.  If so, is the spousal rollover still available? When a taxpayer dies and certain….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues
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