Executors

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Changes to a Trust Agreement

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The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts legislation, trustees were generally bound to administer the trust according to its terms.  Unless specifically allowed in the trust deed,….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Trusts and Trust Resettlements – Variations and Circumstances

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Variation(s) of a trust agreement, after it is settled, does carry the risk of causing a resettlement of a trust or a disposition of a beneficiary’s interest in the trust, with serious tax consequences. But not all variations lead to resettlement, fortunately. Recently in an advance ruling, the Canada revenue Agency (“CRA”) was asked to consider whether a trustee seeking to amend a trust agreement for the appointment of the….

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Canada Revenue Agency, Disability, Estate Administration, Executors, Guardianship, Spouse, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

A TFSA loses its tax exempt status

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The income tax treatment of a trust and its beneficiary where the trust lost its status as a tax-free savings account (TFSA) because it contravened the registration restriction on borrowing money was the subject of a recent Canada Revenue Agency(CRA) technical interpretation. The trust continued to exist for several years after the borrowing occurred and was administered during that time by the TFSA issuer as though it were a TFSA…..

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Probate and the Humans Rights Tribunal of Ontario

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On June 29, 2019, the Human Rights Tribunal of Ontario (the “HRTO”) released an interim decision which impacts upon estate trustees and which calls for some friendly scrutiny from estate solicitors and litigators. My colleague, Jacob Kaufman, blogged about a previous and related HRTO 2017 case which required that a certificate of appointment of estate trustee (probate) be obtained – both where there is and is not a will – in order….

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Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Wills

In Whose Best Interests? Estate Planning for Artists

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A recent case involving the estate of Canadian artist and figure skating legend, Toller Cranston (“Toller”), highlights the importance of estate planning for artists.  Administering posthumous intellectual property can be complex and without guidance from the testator, disputes will often arise between trustees and the estate’s beneficiaries due to competing interests. Toller died in 2015 while living in Mexico.  He left no will. Toller was a prolific artist and his….

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Estate Planning, Executors, Wills

Sealing One’s Fate: The Sherman Murders, Probate and Perseverance

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On June 18, 2018, Justice Dunphy made ex parte orders sealing the court files relating to the Sherman Estates. On catching wind of the sealing orders, the Toronto Star, and one of its reporters, Kevin Donovan, brought a motion to terminate the sealing orders. They succeeded on appeal…..

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Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, In the News, Wills
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