Estate Administration

Total 518 Posts

Newly Released RDSP Circular

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On February 10, the CRA released a circular on Registered Disability Savings Plans (RDSPs, or RDSP, in the singular). A RDSP is a plan that provides savings for individuals eligible to receive the disability tax credit (DTC). To qualify for the DTC, a physician must certify that the intended recipient has a “severe and prolonged mental or physical impairment”…..

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Canada Revenue Agency, Estate Administration, Estate Planning

Sale of Ferrari Highlights an Estate Tax Avoidance Method

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The sale of a 1957 Ferrari 335 Sport Scaglietti for 32 million euros (about $35.8 million US, or $50.2 million Canadian) earlier this month set the record for the most expensive car ever sold at an auction, the New York Times reported. It also made waves for what the Times reports as a new method of reducing estate taxes – using selective data to undervalue precious collectibles and vintage cars….

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

RESIDENCY OF A TRUST – A QUESTION OF MANAGEMENT AND CONTROL II: A View from the CRA Bridge!

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Last fall I wrote about the Supreme Court of Newfoundland and Labrador being asked to rule on the specific issue of residency which would have significant tax implications to the trust depending on the Court’s determination. In Discovery Trust vs Canada (National Revenue), 201201G6615, at issue was whether a trust was a resident of Newfoundland and Labrador where the beneficiaries resided or in Alberta where the trustee was a resident…..

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, In the News, Liability, Property, Tax Issues, Trustee, Trustee Disputes, Trusts, Wills

Support, Divorce, and Insolvency

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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….

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Dependant Support, Estate Administration, Estate Litigation, Spouse
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