Estate Administration and Probate Applications

Total 137 Posts

Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark?

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The capital dividend account (“CDA”) is a tax free surplus account within a private corporation which gives shareholders designated capital dividends, tax-free. The CDA typically contains the non-taxable portion of the company’s capital gains net of capital losses, capital gains received by other companies, proceeds of life insurance on death and other capital like distributions. The CDA account is often a central feature of tax planning for individuals with private….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Investments, Small Business, Succession Planning, Tax Issues, Trusts

PERSONAL TAX SYSTEM FOR SENIORS: A PERSPECTIVE FROM THE CRA

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Last month, a fellow blogger Audrey Miller wrote on care expenses and services in general which may be eligible for a tax credit in one form or another. Co-incidentally the Canada Revenue Agency (“CRA”) was recently asked to comment on the tax system overall as it applies to seniors and gave some of their perspective. The taxpayer making the enquiry to the CRA was concerned about seniors who pay for….

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Canada Revenue Agency, Costs, Disability, Elder Care, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Geriatric Care Management, Guardianship, In the News, Power of Attorney, Tax Issues, Trustee

No Right to Compel a Will be Proven in Solemn Form

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My colleague Gillian Fournie wrote a comprehensive post regarding the Court of Appeal for Ontario’s decision in Neuberger v. York, 2016 ONCA 191. Gillian focused on the Court’s decision that the equitable doctrine of estoppel could not be used as a defence to a will challenge. I thought it might be helpful to expand upon the Court’s other finding in obiter dicta: that there is no automatic right for a….

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Contested wills, Estate Administration and Probate Applications, Estate Litigation, Testamentary Capacity, Undue influence, Wills

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

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Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, Trusts

Challenging Will Challenges – Can they be estopped?

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Will challenges are the cornerstone of estate litigation; indeed, they define the practice area. The reasons for launching a will challenge are relatively fixed: lack of testamentary capacity and undue influence being the most common. Another way of challenging a will is to have it “proved in solemn form.” By seeking to have a will “proved,” the propounder of the will, usually the estate trustee, must demonstrate to the court….

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Contested wills, Estate Administration and Probate Applications, Estate Litigation, Executors, In the News, Wills

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES

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Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United States
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