Property | All About Estates

What is a Reasonable Error

Steven Frye • May 11, 2021 • 0 Comments

Further to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution to a TFSA or RRSP resulted from a reasonable error under the applicable sections of the Income Tax Act (“ITA”). With regard to TFSA’s, it would be for….

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Estate Planning, In the News, Investments, Property, Tax Issues, Uncategorized

New Privacy Legislation Aims to Address Digital Assets in Estate Administration

Demetre Vasilounis • March 26, 2021 • 0 Comments

Practitioners and clients alike have come to realize that there can be numerous legal challenges to administering a testator’s digital assets, including, among them, ambiguous or restrictive privacy legislation. For most Canadian provinces,[1] the federal Personal Information Protection and Electronic Documents Act (“PIPEDA”) does not appear to grant executors, trustees, or personal representatives any powers or capabilities with respect to the disclosure of a testator’s personal information. However, in November 2020,….

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Contracts, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Power of Attorney, Property

Valuing Estate Assets – A Hierarchy of Evidence

Gillian Fournie • February 10, 2021 • 0 Comments

Acting as an estate trustee can be a difficult job. It is often made more difficult when you have to work with a sibling. While the types of disputes co-estate trustees can have with one another are seemingly infinite, one common fight is over valuing an estate asset. Valuing estate assets properly is important – it may impact estate tax, the deceased’s personal taxes, and the sale price of the….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Family Conflict, Probate Tax, Property, Real Estate, Tax Issues, Trustee, Trustee Disputes

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

Derek de Gannes • February 9, 2021 • 0 Comments

Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of an alter ego trust, the settlor must be entitled to receive all the trust’s income that arises before death. In….

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