Total 345 Posts
A Trust Company is the only legal entity that can act as a trustee by holding property in trust for such functions as executors, trustees, and administrators of estates and personal trusts…..
Will Drafting Ideas From a Different Perspective Continue Reading »
Estate Administration, Estate Planning, Executors, Trustee, WillsTwo witnesses are sometimes hard to find. In a pinch, could an individual who is appointed as an executor under a Will act as a witness to that Will? In Ontario, the rules governing the formalities of Wills, including the eligibility of witnesses, are set out in the Succession Law Reform Act, R.S.O. 1990, c. S.26 (the “SLRA”). Section 14 of the SLRA states that an executor can be a….
Can an executor act as a witness to a Will? Continue Reading »
Estate Planning, Executors, WillsThe Canada Revenue Agency (CRA) was asked if a taxpayer’s property designated as his “principal residence” but rented and lived in by his son continued to qualify as his “principal residence” for the purpose of claiming a principal residence exemption to shelter a gain from personal tax.
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Principal residence exemption – renting to a child Continue Reading »
Canada Revenue Agency, Cottage, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Real Estate, Tax IssuesLast month, a fellow blogger Audrey Miller wrote on care expenses and services in general which may be eligible for a tax credit in one form or another. Co-incidentally the Canada Revenue Agency (“CRA”) was recently asked to comment on the tax system overall as it applies to seniors and gave some of their perspective. The taxpayer making the enquiry to the CRA was concerned about seniors who pay for….
PERSONAL TAX SYSTEM FOR SENIORS: A PERSPECTIVE FROM THE CRA Continue Reading »
Canada Revenue Agency, Costs, Disability, Elder Care, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Geriatric Care Management, Guardianship, In the News, Power of Attorney, Tax Issues, TrusteeThe Canada Revenue Agency (CRA) was asked if there was any change to their view regarding the application of the central management and control (CMC) test in establishing the residency of a trust for provincial income tax purposes in light of the decisions in Discovery Trust v. Canada and Boettger C. Agence du revenu du Québec.
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Provincial residency of a Trust Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Litigation, Estate Planning, Executors, Tax Issues, TrustsI recently received an email from the member services department of the Canadian Bar Association which began as follows: “30% of our clients are lawyers that accept personal executor appointments. If it’s good for the lawyer, shouldn’t you tell your estate executor clients that it’s good for them, too?” The “it” in question is Estate Administration Insurance (or Executor Insurance). The language of the communication is pretty provocative: “executor risk….
Comprehensive Advice for Executors Continue Reading »
Estate Litigation, Estate Planning, Executors, Family Conflict