Estate Planning | All About Estates

Private Foundation Continuity

Malcolm Burrows • November 19, 2015

The combination of “private foundation and perpetuity” is a bit like “Fred and Ginger”, always linked in the public mind. Since 2000, however, the charitable status of 1,750 Canadian private foundations has been revoked. Of that number, 1,088 private foundations deregistered on a voluntary basis at the request of trustees or directors. To put these numbers in context, the number of new private foundations registered since 2000 is 2,983. In….

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More on Graduated Rate Estates

Steven Frye • November 16, 2015

At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….

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Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, Wills

International Couples, Beware!

Jasmine Sweatman • November 11, 2015

In Burkhardt v. Burkhardt Estate, 2015, the Ontario Superior Court addressed the issue of common habitual residence to determine the wife’s entitlement to her husband’s estate, and in doing so, highlighted the interplay of Family and Estates law in Ontario. The testator, Walter Burkhardt was an entrepreneur who left Germany for Ontario to start a winemaking business. His wife, Irene Burkhardt, refused to join him and continued to reside in….

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Estate Planning, Spouse

A More Eloquent Way to Say ‘Make a Will’

Paul Fensom • November 10, 2015

This case is an example of the personal difficulties and harm to relationships which can occur when individuals do not have a will…..

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Estate Litigation, Estate Planning, Family Conflict, Wills

Unborn children and the 24 month capital gain exemption test

Derek de Gannes • November 6, 2015

In Pellerin (2015 TCC 130) the Tax Court of Canada was asked to determine whether shares sold by a child before his 18th birthday qualified for the capital gains exemption. Taxpayer wins – the Tax Court took the view that the clock starts at the time of conception and had some interesting comments in their decision. One of the tests to be satisfied for one to access their capital capital….

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Estate Planning

ONCA Considers: Trust Funds for “Use” of a Discretionary Beneficiary – Is Accumulating Wealth a “Use”?

Katie Ionson • November 5, 2015

A very recent decision from the Ontario Court of Appeal (Holgate v. Sheehan Estate, 2015 ONCA 77) considered the question of whether the accumulation of wealth should be considered a “use” of trust income or capital…..

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Estate Planning