Estate Planning

Total 1065 Posts

Calendar year for testamentary trusts

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Change in tax treatment of testamentary trusts arising may result in a deemed tax year end of December 31, 2015. For testamentary trusts previously having a non-calendar year end, the receipt of dividends by the trust on December 31, where the trust habitually allocates this income to its beneficiaries at the trust tax year end, could result in the allocation of dividend income from two trust tax years for the 2015 tax year of the beneficiaries. ….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Recognize, Reject and Report!

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March is fraud prevention month.  Fraud is an equal opportunity crime. Fraud targets individuals of all ages, ethnicities and walks of life.  Businesses large and small can also fall victim.  That being said, seniors are particularly vulnerable.  Fraud is the leading type of crime experienced by older Canadians. According to the Government of Canada, at a site titled  What every older Canadian should know about: Fraud and scams, seniors are….

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Elder Care, Estate Planning

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES

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Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United States

Don’t let inheritance issues tear your family apart

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I was recently drawn to the Life section of the Toronto Star –  more specifically the “advice column” – by a compellling headline; to wit: “Don’t let inheritance issues tear your family apart”.  So far, sound advice. However, the author went on to provide some inaccurate information on Powers of Attorney to the “upset granddaughter” who’s concerned about another family member’s “dwindling the inheritance for myself and other relatives”.   Although the readership….

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Capacity Law, Estate Planning, Family Conflict

A New Cause of Action or Clarifying an Existing Action? Amendments to Pleadings and Limitation Periods

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When will a court permit amendments to a statement of claim after the expiration of a limitation period? In a recent decision by Justice Lederman, Barcham v. Barcham, the plaintiff and moving party, Lazar Barcham (“Lazar”), sought leave to amend his statement of claim, and an adjournment of the trial of Lazar’s action that was scheduled to start only a few weeks later in February 2016. In his original statement….

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Estate Planning

Credit given for improvement costs funded by beneficary where property owned by a trust

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The Canada Revenue Agency was recently asked whether the cost of capital improvements made to a real property that is held by an inter vivos trust is included in the adjusted cost base (ACB) of the property and in the ACB of the capital interest of the beneficiaries that have borne the cost of the improvements…..

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Canada Revenue Agency, Estate Planning, Executors, Real Estate, Tax Issues
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