Fasken LLP

Atypical Asset Administration (Part 1)

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This blog has been written by Sandra Arsenault, Law Clerk at Fasken LLP Picture this: you are an executor cleaning out your mother’s apartment. Under the bed you unexpectedly find five (5) handguns and a hand grenade. Do you (a) call the police, (b) secure the items somewhere safe until you can find someone who knows what to do with them, or (c) put them in a plastic shopping bag….

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Estate Administration, Estate Planning, Executors, Wills

It’s That “Tax Talk” Time of Year….Again

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As the calendar rolls into March and tax slips arrive in the mail, I thought that I would remind blog readers about a provision in the Income Tax Act (the “ITA”) that I think is one of the more insidious ones, namely the so-called “corporate attribution rule” in subsection 74.4 of the ITA. The corporate attribution rule is unlike most other attribution rules in the ITA in that it does….

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Tax Issues

What Happens if Something Happens to your Executor?

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Choosing who to name as the executor of your estate is an important decision to make when preparing your will (and a topic on which other All About Estates blogs have been written). But what happens if something happens to your executor, and they are unable or unwilling to act? Who will administer your estate? This blog will explore the scenario of an executor dying before the testator (the writer….

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Estate Administration, Estate Planning, Executors, Wills

Will The Vacant Home Tax Impact Use of the Principal Residence Exemption; Estate Planning Considerations

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  Overview The Ontario government has enabled municipalities to enact a tax on vacant residential units in their regions (Granted under Part IX.1 of the Municipal Act).[1] Each municipality has to pass a By-Law stating the tax rate and conditions of vacancy that, if met, make a property subject to the tax. The Council of the City of Toronto enacted their By-Law, deeming it to have come into force on….

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Estate Planning, Executors, In the News, Property, Real Estate, Tax Issues, Uncategorized, Wills

As You’re ‘Checking Your List’, Don’t Forget Your Year End Tax Planning

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As the holidays approach, so too does December 31st or the end of a calendar year.  This date can mean different things to different people.  For those in the business of estate and tax planning, the spectre of December 31st often leads to calls from clients who are looking to: complete a project they had on their “to do” list for the calendar year, start a project but have it….

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Estate Planning, Tax Issues, Trusts

The Secret Language of Estates, and Inflation

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Estates clerks and lawyers “speak” their own language.  We use acronyms or initialisms[1] such as CAET, EIR, RCP, ARI, AET, GRE, POA and COLA.  We use abbreviations like Benys and T’ees, and we draw triangles.  The idea for this blog was born when reflecting on having to interpret a lawyer’s handwritten notes for an assistant last week and on answering a “silly” question for a corporate colleague earlier this week. ….

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Estate Administration, Estate Planning, Uncategorized
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