Executors

Total 348 Posts

Tax implications of losses incurred in a fraudulent investment scheme

• • 0 Comments

All to often it is the elderly and disadvantaged who are taken advantage of in fraudulent investment schemes. The Canada Revenue Agency recently released some general information that applies to taxpayers who participated in what reasonably appeared to be a legitimate investment for income tax purposes. Generally speaking, an amount paid to a taxpayer that is a return on investment, such as interest, must be included in the taxpayer’s income….

Tax implications of losses incurred in a fraudulent investment scheme Continue Reading »

Canada Revenue Agency, Executors, Tax Issues

Is Priority Given to a Spouse/Common Law Partner to be an Executor in an Intestacy?

• • 0 Comments

This Bog was written by; Sally Lee Is Priority Given to a Spouse/Common Law Partner to be an Executor in an Intestacy? No, but I can understand why this misconception exists. Subsection 29(1) of the Estates Act creates the confusion by naming the surviving spouse/common law partner before the next of kin, which leads many to believe that there is in fact a priority of appointment to the surviving spouse/common….

Is Priority Given to a Spouse/Common Law Partner to be an Executor in an Intestacy? Continue Reading »

Estate Administration and Probate Applications, Executors, Uncategorized

Estate Trustees and Costs of Litigation: Try not to take it personally?

• • 0 Comments

In the work I do, I am asked to provide expert testimony to support litigation. In some cases, I am often quite surprised to what extent parties will continue to litigate matters that appear to be “no-wins” or for small dollar amounts. Depending on the circumstances, parties have taken the personal brunt of litigation costs that may far exceed the amount in question, due primarily to their own intransigence. A….

Estate Trustees and Costs of Litigation: Try not to take it personally? Continue Reading »

Attorney Compensation, Contested wills, Costs, Estate Administration, Executors, Family Conflict, Liability, Property, Trustee, Trustee Disputes, Uncategorized, Wills

Trust reporting requirements

• • 0 Comments

The Department of Finance recently released draft legislation for consultation.  The draft rules serve to implement measures announced in the 2018 Federal Budget including rules affecting trust income tax reporting. For trust returns that are required to be filed for the 2021 and subsequent taxation years, Budget 2018 proposed that certain trusts provide additional beneficial ownership information on an annual basis.  As a result, these trusts will be required to….

Trust reporting requirements Continue Reading »

Canada Revenue Agency, Executors, Tax Issues

Graduated rate estate – don’t lose it!

• • 0 Comments

A graduated rate estate (GRE) is an estate that arises as the result of the death of a person on or after December 31, 2015, and no more than 36 months after the person’s death. The estate at that time must be a testamentary trust. The GRE designation brings with key benefits such as access to the lower marginal tax rates and simpler and more flexible donation rules.  Perhaps more important in….

Graduated rate estate – don’t lose it! Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, Uncategorized, Wills

The Risk and (Potential) Reward for Acting as an Executor [1]

• • 0 Comments

  For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by telling me who they want to name as their executor.  Sometimes the choice is coupled with the explanation that “He….

The Risk and (Potential) Reward for Acting as an Executor [1] Continue Reading »

Estate Planning, Executors, Family Conflict, Wills
Scroll to Top