Estate Administration

Total 502 Posts

‘Baby boomers under 75 set to inherit $750 B in next decade’- CIBC

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I have a friend who inherited 1 million dollars from a distant uncle. Sounds like a healthy inter generational wealth transfer occurred. She has no children. She does not worry about whether she will be leaving an inheritance. Instead, she enjoyed a trip around the world and is keeping money aside for her golden years……..

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Charitable Giving, Elder Care, Estate Administration, Family Conflict, Philanthropy/Charitable Giving

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE

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From time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor reports a taxable gain, which is essentially the proceeds of disposal less the transferor’s’ adjusted cost basis (ACB) in the….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Guardianship, Insurance, Spouse, Tax Issues, Trusts

Are Charities Second-Class Beneficiaries?

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Charities face a bizarre challenge when administering gifts by will.   It should be simple.   After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust.   The money is owed to the charity and the interest in the trust is legally enforceable.   Charities, however, are often considered to be second-class beneficiaries. What does it mean to be a “second-class beneficiary”?   The idea….

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Charitable Giving, Estate Administration, Philanthropy/Charitable Giving

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

Provincial residency of a Trust

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The Canada Revenue Agency (CRA) was asked if there was any change to their view regarding the application of the central management and control (CMC) test in establishing the residency of a trust for provincial income tax purposes in light of the decisions in Discovery Trust v. Canada and Boettger C. Agence du revenu du Québec.
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Canada Revenue Agency, Estate Administration, Estate Litigation, Estate Planning, Executors, Tax Issues, Trusts
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