Transfers to a corporation can be costly. Beware of corporate attribution.

Part III – Corporate Attribution This blog post has been written by Pritika Deepak, Associate at Fasken LLP. This is the last part of a three-part blog series which provides a high level overview of the attribution rules contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which addresses personal attribution and Part II, which speaks to trust attribution, can be found respectively at https://allaboutestates.ca/no-good-deed-goes-unpunished-by-the-cra/ and https://allaboutestates.ca/using-a-trust-watch-out-for-attribution/. Part….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Succession Planning, Tax Issues, Uncategorized

Who better to weigh in on the impact of the recent federal budget than a philosophy major?

I’ve nominated myself to provide you with two highlights from last week’s federal budget announcement, and before I get into the nitty gritty, I provide you with a summary of my qualifications for undertaking this task. My undergraduate studies took a rather meandering path through geography, political science, a few language courses and I ended up with something like a quadruple minor in philosophy, feminist political theory, possibly enough literature….

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Charitable Giving, Tax Issues

When Will an Estate Trustee Be Personally Liable for Costs?

In Herold Estate v. Curve Lake First Nation, the Court of Appeal for Ontario varied a costs award to provide that an estate trustee be personally liable for costs. In July 2014, the Estate of William Albin Herald (the “Estate”) commenced an application claiming ownership of certain islands in the Trent-Severn Waterway (the “Islands”), on the basis that the Islands were part of Lot 35, which was owned by the….

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Uncategorized

Incomplete and Unprocessed Beneficiary Designation Held Valid

Anna Chen, Associate, Gowling WLG (Canada) LLP In the recent decision, The Estate of William Harper,[1] the Court was asked to determine whether a two page beneficiary designation form that was missing its first page (the page on which the account number would be indicated) and not processed by the financial institution was valid. Facts William Harper, deceased (the “Deceased”), died on September 5, 2019.  At the time of his….

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Estate Planning, Succession Planning, Uncategorized

Guardianship Applications: Evaluating Decision-Making Capacity of Minors Who Are Soon to Become Adults

Nathan Spaling (my colleague from the Capacity Clinic) and I are often asked to conduct capacity assessments in the context of guardianship applications. On occasion, the application is brought by a parent seeking to be appointed as the guardian of property for a child who is about to become an adult (i.e., the child is nearing their eighteenth birthday). Adults are presumed to have capacity to manage their own property…..

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Uncategorized

Can solicitor-client privilege protect estate trustees from claims brought by beneficiaries?

Today’s Blog was written by Mohena Singh, Associate at Fasken LLP. As estate planners, we are regularly engaged by individuals who are acting as estate trustees. This role can often be a long endeavour as it could take several years to administer an estate. During an administration, estate trustees are entrusted to make important decisions, including how to invest estate funds and making distributions to beneficiaries. Sometimes a beneficiary may….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Executors, Uncategorized
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