Succession Planning

Total 150 Posts

CRA issues favourable ruling on post-mortem pipelines

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The Canada Revenue Agency (CRA) has been asked on numerous occasions to weigh in on whether specific post-mortem planning implemented by taxpayers to avoid double taxation would result in a deemed dividend. In a recent ruling, the CRA concluded that it would not apply either specific tax rules or the General Anti Avoidance Rule (GAAR) to the proposed transactions. When an individual dies holding shares of a private corporation with….

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Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Wills

Pipeline planning and the dangers of subsection 84(2)

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In 1789, Benjamin Franklin, one of the founding fathers of the United States Constitution, provided the world with this great quote, “nothing is certain except death and taxes”. In 2021, John Oakey, the founding father of three Oakey children, is providing the world (or at least anyone reading this blog) with this great quote “nothing is certain with death and taxes”. Minimizing tax exposure The certainty of taxes upon death….

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Business Succession Planning, Estate Planning, Succession Planning, Tax Issues

Reaffirming the Status Quo of Beneficial Designations: the saga of Calmusky v. Calmusky continued

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The Rippling Effects of Calmusky v. Calmusky In March of 2020, Lococo J.’s decision in Calmusky v. Calmusky made waves in Ontario’s legal community. (For this reason, it was included in our top 20 estate law cases of 2020. An excellent summary and analysis of that decision by my colleague Demetre Vasilounis can be found here). By applying the law on the presumption of resulting trust to an RIF, Lococo….

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Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Resulting Trust, Succession Planning

Today’s Executor is a Digital Executor

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Today’s Executor is a Digital Executor The estates and trusts world has taken notice of the importance of digital assets—there is no question about that. Now that we know that an individual’s digital assets are something that advisors and clients alike need to consider for every estate planning matter, the estates and trusts industry as a whole needs to start to thinking about how to best plan for those digital….

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Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Succession Planning, Trustee, Wills

The Mysteries of Probate, Revealed

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Of all the questions I am asked about the administration of estates, the ones that come up the most frequently are: “what is probate?”; “how do I know if I need probate?”; and “what’s involved in applying for probate?” Herein – the answers…..

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Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Practice Management, Probate Tax, Succession Planning

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

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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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Canada Revenue Agency, Cottage, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Real Estate, Succession Planning, Tax Issues, Trustee
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