Estate Planning

Total 1065 Posts

Combination Gift Plans

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Combining estate plans and lifetime financial plans can be challenging, especially for individuals who have dedicated a significant portion of their estate to charity, for example 50% or more.  Wills are often drafted independently of lifetime financial plans.  The drafting lawyer may not ask the question “is it prudent and advantageous to start giving major gift during life?”.  In certain situations, there are significant tax and philanthropic benefits to start….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Who Needs Tickets?

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Who gets the Leaf tickets? This was the question the court had to determine in the recent case of Anspor Construction Ltd. v. Neuberger Estate (Trustee of)[1]. In this case, the court provided a good summary of the requirements to establish a bare trust and a purchase money resulting trust against a background of interesting facts. The applicant partnership, Nuspor Investments (“Nuspor”) sought a declaration that Toronto Maple Leaf season….

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Estate Planning

ATTRIBUTION RULES AND PLANNING REVISITED

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Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, Trusts

SALE OF YOUR PRINCIPAL RESIDENCE BY INDIVIDUALS BUT NOT TRUSTS

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The principal residence exemption allows a Canadian taxpayer to shelter the capital gains realized on the sale (or other disposition) of a property that meets the definition of a “principal residence” in the Income Tax Act (Canada). Over the years the rules related to claiming the exemption have been tightened up. For example, up until 1982 where two spouses owned different principal residences, each could claim the exemption over their respective property. This was changed in 1982, such that each family unit can only have one principal residence for a given time period…..

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Estate Planning
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