Total 1065 Posts
This year’s STEP conference featured over 65 speakers including for the very first time, the IRS spoke on Canadian soil about offshore compliance options including OVDP and streamlined compliance procedures…..
Happy Independence Day ! Continue Reading »
Estate Planning, IRS, Tax Issues, U.S. Citizen, US TaxesRecently, the Canada Revenue Agency (“CRA”) was asked to comment on the tax consequences that may result from implementing an estate planning or income splitting arrangement which involves the issuance of shares that entitled the holder to discretionary dividends, for nominal consideration. The CRA was presented with a hypothetical small business corporation (“Opco”) with voting common and non-voting preference shares, both having the right to discretionary dividends to the exclusion….
SHARES ISSUED FOR NOMIMAL CONSIDERATION: BE WARY OF VALUATION Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Small Business, Succession Planning, Tax IssuesThe reality is, with the impending transfer of one of the largest amounts of wealth in our history from one generation to the next, we are likely to see a continued up-tick in estate litigation. Along with that there will be the increased need for a neutral party to preserve the assets of the estate during the course of such litigation…..
Two witnesses are sometimes hard to find. In a pinch, could an individual who is appointed as an executor under a Will act as a witness to that Will? In Ontario, the rules governing the formalities of Wills, including the eligibility of witnesses, are set out in the Succession Law Reform Act, R.S.O. 1990, c. S.26 (the “SLRA”). Section 14 of the SLRA states that an executor can be a….
Can an executor act as a witness to a Will? Continue Reading »
Estate Planning, Executors, WillsThe Canada Revenue Agency (CRA) was asked if a taxpayer’s property designated as his “principal residence” but rented and lived in by his son continued to qualify as his “principal residence” for the purpose of claiming a principal residence exemption to shelter a gain from personal tax.
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Principal residence exemption – renting to a child Continue Reading »
Canada Revenue Agency, Cottage, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Real Estate, Tax IssuesI want to float a trial balloon about charitable trusts. A clause stipulating that a trust should be limited to using income for charitable purposes, meaning that capital is untouchable, should be viewed as an administrative clause and not part of the charitable objects. The charitable purposes of the trust may be perpetual, but making the trust “income only” is a historical drafting convention that no longer serves the charitable….
Serving the Charitable Purpose Continue Reading »
Estate Planning, Philanthropy/Charitable Giving, Trustee, Trusts