Executors

Total 349 Posts

Proposed relief for inter-vivos trusts

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A recent letter from officials of Tax Legislation Division provides hope for trusts established for an individual eligible for the Disability Tax Credit (DTC) to qualify for the principal residence exemption. Specifically, the letter addressed concerns raised by an adviser in respect of her client regarding the benefit of the client’s DTC-eligible son, who was otherwise ineligible for the principal residence exemption. On October 3, 2016, income tax measures were….

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Elder Care, Estate Planning, Executors

Can You be Removed as a Trustee Without a Replacement?

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The recent case of Novak v. McDougall, (2019 SKQB 261), confirms that when you have accepted an appointment to be trustee, you may not be able to have yourself removed from that appointment without a suitable replacement. The applicant in this case, a beneficiary of a “Henson” trust (basically defined as being entitled to distributions from a discretionary trust but having no vested interest in the trust assets) set up….

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Capacity Law, Contested wills, Costs, Credibility, Estate Administration, Estate Litigation, Executors, Family Conflict, Guardianship, Passing Of Trustees’ and Executors’ Accounts, Resulting Trust, Trustee, Trustee Compensation, Trustee Disputes, Trusts, Uncategorized, Wills

Comfort Letter Provides Hope for Non-resident Beneficiaries of Graduated Rate Estates

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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….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

Henson Trusts

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Qualifying 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….

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Canada Revenue Agency, Estate Litigation, Estate Planning, Executors, Tax Issues, Wills

Fiduciary Investing Series – How to avoid compounding liability in trust accounts

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This blog has been written by Robert Boyd, Director, Scotiatrust. The blog is the first in a series focusing on Fiduciary Investing that will cover a range of practical topics. When one approaches the topic of fiduciary record keeping, there is room for forgiveness for those who tune out (or nod off). It’s not a topic that gets people excited, although the litigation that can occur from incorrect management of….

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Estate Administration, Estate Litigation, Executors, Liability
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