Henson Trusts Revisited

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In January, the British Columbia Court of Appeal released its decision in S.A. v. Metro Vancouver Housing Corporation (“S.A.”), 2017 BCCA 2, dismissing the appeal of S.A., who was the original Petitioner. In its reasons, the B.C. Court of Appeal includes a discussion of trusts commonly referred to as “Henson Trusts”[1]. On November 16, 2017, S.A. was granted leave to appeal the decision to the Supreme Court of Canada. The….

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Estate Planning, Trusts

Some American Thanksgivng Day Advice

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I love the traditions of the American Thanksgiving Day holiday – spending time with family and friends, enjoying a great food and watching football. In the lead-up to Thanksgiving, the American papers are filled with all kinds of tips on how to prepare for and enjoy the big day. Whether folks are battling chaos at the airport trying to get home or struggling to defrost a turkey in record time,….

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Estate Planning, Family Conflict, Uncategorized

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

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Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. Generally speaking, a penalty starts at a minimum of….

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Canada Revenue Agency, Estate Administration, Executors, In the News, International, Investments, Property, Real Estate, Tax Issues, Trustee, Trusts, Uncategorized, United States

November is Make A Will & Power of Attorney Month

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My fellow bloggers and I write frequently about Powers of Attorney, however my concerns are often focused on the lack of planning when it comes to making Powers of Attorney for both Personal Care and Property. More specifically, although I do not have any statistical data, my subject matter experience tells me that people are more likely to have an attorney named solely for property than having both or only….

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Power of Attorney

Another Sibling Rivalry Gone Awry

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In my last few blogs I’ve focused my comments on succession planning topics for business owners. I’d like to continue with that theme by reminding business owners and their advisors about the need to ensure contractual arrangements that are intended to attach to property, are addressed and worked into the business owner’s Will plan.  I recently had the need to consider certain provisions in a shareholders’ agreement that prohibited the….

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Uncategorized

Spend-down Charitable Funds

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[caption id="attachment_5888" align="aligncenter" width="364"] The middle ground at Indian Battle Park, Lethbridge, Alberta[/caption] Until 2010, the disbursement quota provisions in the Income Tax Act mandated that charities handle donations in one of two ways: for immediate use or held as long-term endowments through the “10-year gift” capital hold mechanism.  These binary rules drove donor and charity behaviour.  The 2010 reforms provided charities with greater flexibility regarding the acceptance and use….

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Estate Planning, Philanthropy/Charitable Giving
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