Succession Planning

Total 152 Posts

More on Graduated Rate Estates

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At a recent conference of the Society of Trust and Estate Practitioners, the Canada Revenue Agency (“CRA”) was asked to respond to certain questions regarding Graduated Rate Estates (GRE’s), in particular around the actual definition of a GRE and its application to a situation where the deceased has more than one will. Definition of a GRE The CRA was asked that while an estate is under administration during its first….

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Business Succession Planning, Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Succession Planning, Tax Issues, Trustee, Trusts, Wills

Gifting and Incapacity – A Cautionary Tale

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Parents are living longer and gifting money to their children before they die or by way of a last minute will. Distrust and disbelieve inevitably arise. The courts are called upon more and more to settle family disputes with all of the attendant rancor and costs. The case of Foley v. McIntyre helps sorts out some of the legal issues. ….

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Estate Litigation, Estate Planning, Joint Tenancy, Succession Planning, Testamentary Capacity

Graduated Rate Estates: Does the 36 month rule mean a maximum of 3 taxation years?

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As my fellow bloggers have written, there are now 3 types of testamentary trusts under our tax law: a Graduated Rate Estate (“GRE”), a Qualified Disability Trust (“QDT”) and all other testamentary trusts (“OTT”). Previously, all testamentary trusts were generally taxed in the same way individuals were – at graduated tax rates. Effective January 1, 2016, OTT’s will be taxed at the highest marginal tax rate. However, GRE’s which generally….

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Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Investments, Property, Succession Planning, Tax Issues, Trusts, Wills

Infant Beneficiary of a Family Trust and the Capital Gains Exemption

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Pursuant to the Income Tax Act, to be eligible for the capital gains exemption, the qualified small business corporation share definition includes a requirement that it be held by the taxpayer, or a party related to the taxpayer “throughout the 24 months” preceding sale. Under the circumstances, can an 18th month old beneficiary of a family trust receive a distribution of otherwise qualifying small business corporation shares, sell them the….

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Canada Revenue Agency, Estate Planning, Investments, Succession Planning, Tax Issues, Trusts, Wills
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