Executors

Total 346 Posts

So, you want to be an Executor – Take Heed!

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Today’s blog was written by guest blogger Wendy Templeton. Wendy Templeton practices in the area of Wills, trusts, tax and estates at LLF Lawyers LLP in Peterborough. She is a well-known author and lecturer and currently contributes to the Diploma Program of the Society of Trust and Estate Practitioners of Canada (STEP), and Co-Chairs the five day intensive Will, Estate and Trust Fundamentals course sponsored by the Canadian Bar Association. It is….

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Estate Administration, Executors, Family Conflict, Trustee, Wills

Joint accounts – the good and the bad

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Earlier this year, my father-in- law left us suddenly.  While my in-laws were careful about planning for this day there was still some Estate Administration Tax (EAT) to be paid on the transfer of assets between spouses.  Armed with that experience, my mother-in-law is determined pay the least amount of EAT and asked about the use of joint accounts. Jointly held property with a spouse or with one or more….

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Estate Planning, Executors, Family Conflict, Probate Tax, Tax Issues

Lost Wills – More Complicated than Losing Your Keys

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Nobody is perfect – sometimes you lose your keys. Other times you lose your will. The problem is, by the time your estate trustee realizes the will is gone, you won’t be around to help look for it. The inability to find a testator’s will does not automatically result in the deceased’s estate being distributed on intestacy. In certain circumstances, a lost or destroyed will may be admitted for probate….

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

55(2) and Pipeline Planning

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The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting a tax-free dividend received by a private company to proceeds of disposition for capital gain purposes – in other words,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues

The Ontario Estate Information Return – An Estate Trustee’s Nightmare

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As of January 1, 2015, a Regulation under the Estate Administration Tax Act, 1998, O Reg 310/14 requires estate trustees to give an Estate Information Return to the Ministry of Finance within 90 calendars days of a certificate of appointment of estate trustee (“Estate Certificate”) being issued. The Estate Information Return requires disclosure of a comprehensive list of information about the deceased person, including “a complete list of the assets….

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Estate Administration, Executors

Principal residence exemption and fire loss

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The Canada Revenue Agency (CRA) was asked to comment on the availability of the principal residence exemption (PRE) when a previously occupied property is destroyed by fire and a decision is made to sell the property in a later year. The taxpayer purchased a house in 2010 which was ordinarily inhabited as a principal residence.  In 2016, the house was completely destroyed by a fire and the taxpayer decided to move….

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Canada Revenue Agency, Cottage, Executors, Property, Real Estate, Tax Issues, Uncategorized
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