Contributor/settlor Taxable Income and T3 Reporting Requirements

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As most trust and tax practitioners know, The Income Tax Act (“ITA”) will attribute trust income, losses, capital gains and capital losses to the contributor / settlor if certain conditions are met. The 2016 T3 Guide states the following: Certain related amounts, including taxable capital gains and allowable capital losses from that property or the substituted property, are considered to belong to the contributor during the contributor’s life or existence….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized

Can We Prevent Elder Abuse?

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I had the pleasure of attending last week’s Society of Trust and Estate Practitioners’ conference, titled “Elder Abuse and Manners of Protecting the Elderly”. It focused on financial abuse which is the most common form of elder abuse. It provided an excellent overview with a panel discussion presented and moderated by lawyers (Craig Vander Zee, Kim Whaley and Albert Oosterhoff), the Toronto Police Vulnerable Persons Coordinator (PC Jason Peddle) and….

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Elder Law, Power of Attorney, Powers Of Attorney and Guardianship Disputes

Latin Terms, “Per Stirpes” and “Per Capita”, Still Present in Wills

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Estate planners commonly use the Latin term, “per stirpes”, when drafting wills, but most lay people have no idea what the term even means. This arcane term differs from the less commonly used, but still present, Latin term, “per capita”.  It is important to understand the difference between these two terms in order to draft a will in accordance with a testator’s intention, as well as be able to explain….

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Estate Planning, Uncategorized, Wills

The Living Hands that Control the Graves

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As a law student, my trust law professor brought in a “dead hand” to help us remember the rule against perpetuities. The prop was effective: I have not forgotten that the rule stops trust property from being governed indefinitely from “beyond the grave.” While principles of trust law helpfully prevent the living from being controlled by the dead, they also apply to govern the living in charge of the dead…..

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Estate Litigation, Funeral Planning, Trustee, Trustee Disputes, Trusts

55(2) and Pipeline Planning

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The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting a tax-free dividend received by a private company to proceeds of disposition for capital gain purposes – in other words,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Technology Aids and Aging At Home

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If you ask anyone where they would like to live when older, most would say that they want to remain living in their own homes- for as long as possible. What does ‘for as long as possible’ mean? Most times in means that the older individual is able to remain living safely and is able to afford whatever care may be needed to help them maintain their independence and safety…..

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Elder Care
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