Liability

Total 34 Posts

Ontario’s Non-Resident Speculation Tax

• • 0 Comments

Recently the Government of Ontario followed the heels of the British Columbia Government by introducing a “non-resident speculation tax” (“NRST”). The NRST will apply to the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe (the “GGH”) by individuals who are not Canadian citizens or permanent residents or by foreign corporations or taxable trustees.  The quantum of tax is equal to 15% and it….

Ontario’s Non-Resident Speculation Tax Continue Reading »

Canada Revenue Agency, Costs, Liability, Property, Real Estate, Tax Issues

Limited Retainers, Lawyer Liability and Limitation Periods

• • 0 Comments

The recent Court of Appeal (“ONCA”) decision of Meehan v. Good, 2017 ONCA 103 (“Meehan”), reminds lawyers that the duty of care owed to their clients is extensive, and may operate beyond a limited-scope retainer. In Meehan, the plaintiffs, Michael and Anne Meehan, brought a claim against their lawyer, John Cardill, who they initially retained to pursue an assessment of the accounts of their previous counsel. The Meehans sued Mr…..

Limited Retainers, Lawyer Liability and Limitation Periods Continue Reading »

Dependant Support, Estate Administration, Estate Litigation, Estate Planning, Liability, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Testamentary Capacity, Undue influence, Wills

LATE FILED ELECTION TO SPLIT PENSION INCOME

•

While we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you late file the elections and will the CRA accept them and re-assess accordingly? Recently the CRA was asked to comment….

LATE FILED ELECTION TO SPLIT PENSION INCOME Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, Trustee

CAPITAL DIVIDEND ACCOUNT ELECTIONS AND THE DATE GONE WRONG?

•

As I mentioned in a previous blog, the capital dividend account (“CDA”) is often a central feature of tax planning for individuals with private corporations with the opportunity to make tax-free distributions to shareholders on the disposition of certain capital assets. It gains particular focus in estate planning scenarios and eventually in estate and trust administration. As I also mentioned, the management of the CDA is a tricky proposition with….

CAPITAL DIVIDEND ACCOUNT ELECTIONS AND THE DATE GONE WRONG? Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Liability, Property, Small Business, Succession Planning, Tax Issues, Trusts

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

•

We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence for a taxation year is that it must be “owned” by the taxpayer. In common law jurisdictions, two forms of….

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE Continue Reading »

Canada Revenue Agency, Capacity Law, Estate Administration, Estate Planning, Investments, Joint Tenancy, Liability, Property, Real Estate, Tax Issues, Trustee

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY

•

Recently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving a transfer of real estate from a Personal Trust to a beneficiary where the beneficiary also assumed a mortgage on a property. In past interpretations, the CRA noted that the transfer of assets from the Trust at cost may be restricted where a portion of the property is received in settlement of a debt due from….

TRANSFER OF PROPERTY FROM PERSONAL TRUST TO BENEFICIARY Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Investments, Liability, Property, Real Estate, Tax Issues, Trustee, Trusts
Scroll to Top