Baker Tilly WM LLP

Valuation of Interests in Discretionary trusts and Family Law

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These days, it is quite common to find intergenerational wealth transfer to consist of property held in a discretionary family trust whose beneficiaries may or may not have been in marital relationships at the time of the time the trusts were created. A siginifcant number of legal and financials issues related to these trusts in family law, including the determination of what is considered “included” and “excluded” family property before….

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Business Succession Planning, Contracts, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Family Conflict, Investments, Property, Real Estate, Resulting Trust, Separation, Small Business, Spouse, Trusts, valuation

Valuation for Estate Planning – Some Hard Lessons

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In a recent case in Tax Court, Lauria v HMQ 2021 TCC 66, the taxpayers, both officers and directors of a company held shares in the company as a result of employee share option agreements granted to them.  In early 2006, the company founders decided to pursue an initial public offering (“IPO”) of the company and hired an underwriter for that purpose. Apparently upon the advice of the company’s chief….

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Canada Revenue Agency, Courts, Estate Planning, Investments, Limitation periods, Tax Issues, Trusts, valuation

SALE OF PERSONAL RESIDENCE AFTER DEATH

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Can an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?The Income Tax Act (“ITA”) deems a person to have disposed of their principal residence for proceeds equal to its fair….

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Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Uncategorized

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc

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Do digital assets  e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens,  qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue came to my attention recently when a client asked me to assist him with a formal request to reverse a….

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Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, Uncategorized

INSURANCE TRACKING SHARES

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

When Leaving Your Premises for Medical Reasons and Never Go Back: Need a Plan

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I do a lot of work in the insurance industry. Recently, I came across a court case which I thik is a cautionary tale for estate planners and executors. In Gregson v. CAA Insurance., 2021 ONSC 3041, Ms. Gregson was a property owner and name insured on March 17,2017 when her property sustained water damage. A plumber determined that the pipes servicing a bathroom sink had a crack in the….

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Capacity Law, Caregiving, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Geriatric Care Management, In the News, Insurance, Power of Attorney, Property, Testamentary Capacity, Trustee
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