THE PREFERRED BENEFICIARY ELECTION

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In my last blog I noted that at the recent STEP conference, representatives of the Canada Revenue Agency confirmed that the introduction of the new qualified disability trust (“QDT”) rules had not restricted the ability to use the preferred beneficiary election, provided the requirements for the preferred beneficiary election are otherwise met. In this blog I will outline in more detail the elements of the preferred beneficiary election. The definition….

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Estate Planning

When Business Agreements Masquerade as Trusts

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Trusts are tricky – they can arise in circumstances where none of the parties involved ever use the word “trust.” There is good reason for this; often the settlor of the trust and the trustee are laypeople who can describe the type of relationship they wish to create, but are unaware of the legal terms to describe it. If a lawyer does become involved, she will likely set the terms….

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Trustee, Trusts

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

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We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence for a taxation year is that it must be “owned” by the taxpayer. In common law jurisdictions, two forms of….

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Canada Revenue Agency, Capacity Law, Estate Administration, Estate Planning, Investments, Joint Tenancy, Liability, Property, Real Estate, Tax Issues, Trustee
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