Total 1068 Posts
A recently released letter from the Department of Finance to the Joint Committee on Taxation recommends changes to enacted tax rules that would provide relief from Canadian withholding tax on estate distributions to non-resident beneficiaries of a graduated rate estate. Budget 2018 included a widened surplus stripping rule applicable to non-residents to ensure the existing rules in section 212.1 of the Income Tax Act could not be frustrated by transactions….
This blog was written by Veronique Thomas-Ewen, Associate Estate and Trust Consultant with Scotia Wealth Management In a carefully planned will, the testator names the spouse as the executor, leaves the family residence and residue to that spouse, but directs the family cottage be held in trust. The spouse has the use and enjoyment of the property and on the spouse’s passing the cottage is to be transferred to the….
The best laid plans… Continue Reading »
Cottage, Estate Administration, Estate PlanningQualifying for support under various government disability programs in the form of cash payments or benefits often means that a recipient must have income and assets below a certain level. Without careful planning an intended inheritance may unintentionally serve to cut off a beneficiary’s government support. A Henson Trust allows for the assets of the deceased to pass to a special trust, and not be counted in the disabled assets….
Henson Trusts Continue Reading »
Canada Revenue Agency, Estate Litigation, Estate Planning, Executors, Tax Issues, Wills[caption id="attachment_11560" align="aligncenter" width="480"] Operation, Christian Schad, Lenbachhaus, Munich[/caption] To paraphrase the common law, a gift must be “freely given without consideration”. “Consideration” means without expectation of benefit, which eliminates contractual or other binding rights. This concept was addressed by my colleague Darren Lund in a recent All About Estates blog on charitable donations from alter ego and spousal trusts. Tax Credit or Certainty? The issue: how can a testamentary….
Donations from Spousal and Other Trusts Continue Reading »
Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Trustee
Lawyers in Ontario are regulated by the Law Society of Ontario, and the Rules of Professional Conduct set out the professional and ethical obligations to which lawyers must adhere. One of the duties relates to avoiding conflicts of interest, except in certain circumstances. Rule 3.4-5 of the Law Society of Ontario Rules of Professional Conduct sets out the rule for joint retainers and provides as follows….
Joint Retainers and Estate Planning Continue Reading »
Estate Planning
