CAPITAL DIVIDEND ACCOUNT ELECTIONS AND THE DATE GONE WRONG?

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As I mentioned in a previous blog, the capital dividend account (“CDA”) is often a central feature of tax planning for individuals with private corporations with the opportunity to make tax-free distributions to shareholders on the disposition of certain capital assets. It gains particular focus in estate planning scenarios and eventually in estate and trust administration. As I also mentioned, the management of the CDA is a tricky proposition with….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Liability, Property, Small Business, Succession Planning, Tax Issues, Trusts

JOINT ASSETS: APPRECIATING COMPLEXITY

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The potential pitfalls of using joint ownership of property between parent and adult child as a means of reducing exposure to estate administration tax has received increased attention in recent years, in particular since the Pecore decision. Nevertheless, it is still common (likely the norm) to see parent-adult child joint ownership arrangements where the parent’s intention regarding the beneficial ownership of the asset is not documented. Estate solicitors involved in….

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Estate Planning

Did fraudulent concealment stop the clock?

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In Roulston v McKenny et al, 2016 ONSC 2377, the deceased’s ex-wife had a claim against his estate if a life insurance policy lapsed. Even though the estate trustee knew that the policy had lapsed, she withheld this information from the ex-wife – and then argued the ex-wife’s claim was brought out of time. The deceased and his ex-wife signed a separation agreement which required the deceased to maintain $150,000….

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Estate Litigation

More on Graduated Rate Estates

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If someone has a second will pertaining to foreign assets, and the domestic executors either do not know about this second will, or cannot deal with the foreign executors on a timely basis, would the status of the estate as a graduated rate estate (GRE) be invalidated if only the domestic executors elected for the estate to be a GRE?
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Canada Revenue Agency, Estate Planning, Executors, Wills

Community-based Scholarships

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Establishing a scholarship, bursary or other educational award is a popular charitable purpose in estate plans of the charitably-minded.   There are two ways to create these awards: 1) establish at an educational institution; or 2) establish at a foundation or charity to target a particular community.  Generally educational institutions, particularly at the post-secondary level, do an excellent job of administering awards.  In my work, however, I have found a….

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Estate Planning
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