Katie Ionson

More from the CRA on Survivor Payments from TFSAs

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In my last post, I wrote about a recent Technical Interpretation from the CRA where the CRA was asked to consider whether a survivor payment could be made by an executor out of a deceased taxpayer’s TFSA (or, more specifically, former TFSA) to the deceased’s spouse in satisfaction of a legacy left to the spouse. In other words, in circumstances where the spouse was not the designated beneficiary of the….

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Canada Revenue Agency

“Survivor Payment” from a TFSA to a Spouse who was not the Designated Beneficiary

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In Technical Interpretation 2016-0679751E5 the CRA considered whether a survivor payment could be made out of deceased’s TFSA to the deceased’s spouse, in circumstances where the spouse was not the designated beneficiary of the TFSA. In this case, the executor wished to satisfy a legacy to the deceased’s spouse out of the property of the deceased’s TFSA. The estate, and not the spouse, was the beneficiary of the TFSA. A….

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Estate Administration, Tax Issues

Testamentary Letter of Wishes- Part 2

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In my last blog post of January 27, 2017, I discussed testamentary letters of wishes and some of the benefits and potential pitfalls of their use. For the purposes of the post, I limited the discussion to testamentary letters of wishes which are designed to convey a testator’s wishes and desires regarding the disposition of personal items after the testator’s death. This post continues the discussion. Another “pitfall” of letters….

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Estate Planning, Wills

Once a Qualifying Spousal Trust, Always and Qualifying Spousal Trust – and a Note on Deathbed Holograph Wills

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During the June 10, 2016 Toronto STEP Conference Roundtable, the CRA was asked to provide its views on paragraph 8 of IT-3054, which states: Once a trust qualifies as a spouse trust under the terms of subsection 70(6), it remains a spouse trust and is subject to the provisions affecting such trusts (for example, paragraph 104(4)(a)) even if its terms are varied by agreement, legal action or breach of trust…..

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Trusts, Wills

Satisfaction or Your Money Back (And Not a Cent More) – Felty v. Ernst & Young LLP

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Felty v. Ernst & Young LLP, 2015 BCCA 445, is an interesting case from the Court of Appeal of British Columbia. The issue on appeal was whether the trial judge erred in concluding that a retainer agreement clause limiting the respondent firm’s liability to the amount of its fees was enforceable. The respondent, Ernst and Young (EY), was hired to provide tax advice in respect of divorce proceedings and a….

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Retainer Agreement

Can an executor act as a witness to a Will?

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Two witnesses are sometimes hard to find. In a pinch, could an individual who is appointed as an executor under a Will act as a witness to that Will? In Ontario, the rules governing the formalities of Wills, including the eligibility of witnesses, are set out in the Succession Law Reform Act, R.S.O. 1990, c. S.26 (the “SLRA”). Section 14 of the SLRA states that an executor can be a….

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Estate Planning, Executors, Wills
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