Total 497 Posts
As part of any administration, it is important for the Executor or Trustee to maintain records of all transactions taking place within the estate or trust….
PASSING OF ACCOUNTS – PART I “WHAT DOES IT MEAN and WHY IS IT NECESSARY?” Continue Reading »
Estate Administration, Estate Litigation, Passing Of Trustees’ and Executors’ AccountsOver the past year, the saga of billionaire Sumner Redstone’s estate and capacity fight has continued to play out in the United States. Redstone, an American media magnate, was the subject of a lawsuit brought by Manuela Herzer, a former girlfriend. Herzer alleged that the CBS Corporation and Viacom owner was incapable, and was being manipulated by his daughter, Shari Redstone. That lawsuit was dismissed in May of this year…..
A typical estate administration can take between 12-18 months and can consume hundreds of hours depending on the complication involved….
Decease and Assist Continue Reading »
Estate Administration, Estate PlanningThe 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….
Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark? Continue Reading »
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, TrustsWhere a will is drafted to create a testamentary spousal trust and the will provides that the final distribution date of the trust is three years after the death of the surviving spouse, would the trust be precluded from being a spousal trust.
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Delay in final distribution from spousal trust Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, WillsIn my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the exemption may or may not apply. As an executor or trustee, you may encounter these scenarios and it might be….
Principal Residence Exemption and some of the “What if’s” Continue Reading »
Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Joint Tenancy, Property, Real Estate, Tax Issues, Trustee, Trusts