Estate Administration

Total 502 Posts

Support, Divorce, and Insolvency

•

Even when a dependant’s entitlement to and need for support is clear, there simply may not be enough money in the estate to provide assistance. For this reason, the Succession Law Reform Act (“SLRA”) allows certain assets passing outside of the estate (often to a designated beneficiary) to be clawed back into the estate for the limited purpose of providing a dependant with support. The designated beneficiary may be tempted….

Support, Divorce, and Insolvency Continue Reading »

Dependant Support, Estate Administration, Estate Litigation, Spouse

STATUTE-BAR ASSESSMENTS AND RELIANCE ON OTHERS

•

Pursuant to the provisions of the Income Tax Act, the Canada Revenue Agency (“CRA”) has a three-year time frame within to reassess a taxation year, commencing with the date of the original Notice of Assessment. Beyond the three-year limit, returns are referred to as statute-barred. Nevertheless, the CRA can always reassess if it can prove fraud or misrepresentation in the return filed, regardless of whether the return is considered statute….

STATUTE-BAR ASSESSMENTS AND RELIANCE ON OTHERS Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Tax Issues, Trusts

Which Comes First: Preferential Share or Mortgages?

•

The Succession Law Reform Act (“SLRA”) provides that if a married person dies intestate, the first $200,000 (called the “preferential share”) of the deceased’s net estate goes to the married spouse[i]. Any funds remaining after the payment of the preferential share is shared among the spouse and children. In Re Estate of Richard Lewis Crane (“Crane”), the deceased died intestate. He left a second wife and two sons from a previous marriage.  The….

Which Comes First: Preferential Share or Mortgages? Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Real Estate, Spouse, Succession Planning

Spousal trust and life insurance

•

The Canada Revenue Agency was recently asked if income or capital from a proposed spousal trust that was to be used to pay life insurance premiums on a spouse’s life would disqualify the trust from ever being a spousal trust eligible for rollover of property upon creation of the trust.
….

Spousal trust and life insurance Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Insurance, Spouse, Trustee

Are unequal bequests in wills becoming more common?

•

Research in the United States has consistently shown that the vast majority of parents intend to divide their estates equally among their children (there appears to be far less research on the topic in Canada). Intriguingly, this is in contrast with inter vivos transfers – research has shown that children are less likely to be treated equally by their parents while they are still alive. The theory for this discrepancy is….

Are unequal bequests in wills becoming more common? Continue Reading »

Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Wills
Scroll to Top