Succession Planning

Total 150 Posts

Beneficiary of a U.S. Estate – Now What?

• • 0 Comments

What are the tax implications if you are a beneficiary of a U.S. estate? Rarely do we consider the implications of a Canadian resident inheriting from a U.S. estate. From a Canadian Tax Perspective The general rule is the Canadian beneficiary shall receive their inheritance tax-free since the U.S. estate is deemed to have acquired the assets at fair market value (i.e. cost-base step-up). Further, if the executor is a….

Beneficiary of a U.S. Estate – Now What? Continue Reading »

Estate Planning, International, Succession Planning, Tax Issues, Trusts, United States

Breaking Up is Still Hard to Do?

• • 2 Comments

This blog has been written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto Nearly a year ago, I made a post on this blog entitled “Breaking Up is Hard to Do – Ceasing to be a Canadian Tax Resident may be Easier Said than Done” (Breaking Up is Hard to Do – Ceasing to be a Canadian Tax Resident may be Easier Said than Done – All About Estates). ….

Breaking Up is Still Hard to Do? Continue Reading »

Canada Revenue Agency, Estate Planning, In the News, Investments, Succession Planning, Tax Issues

Recent Cases Applying Section 21.1 of the SLRA

• • 0 Comments

Having come into force on January 1, 2022, Section 21.1 is a relatively recent addition to the Succession Law Reform Act (“SLRA”). Section 21.1 is a validating provision, which allows the courts discretion to declare a will valid even if it does not meet the formalities of execution set out under section 4 of the same act. Those formalities are as follows: The will must be signed by the testator….

Recent Cases Applying Section 21.1 of the SLRA Continue Reading »

Estate Administration and Probate Applications, Estate Planning, Succession Planning, Wills

Transfers to a corporation can be costly. Beware of corporate attribution.

• • 0 Comments

Part III – Corporate Attribution This blog post has been written by Pritika Deepak, Associate at Fasken LLP. This is the last part of a three-part blog series which provides a high level overview of the attribution rules contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which addresses personal attribution and Part II, which speaks to trust attribution, can be found respectively at https://allaboutestates.ca/no-good-deed-goes-unpunished-by-the-cra/ and https://allaboutestates.ca/using-a-trust-watch-out-for-attribution/. Part….

Transfers to a corporation can be costly. Beware of corporate attribution. Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, Succession Planning, Tax Issues, Uncategorized

Incomplete and Unprocessed Beneficiary Designation Held Valid

• • 0 Comments

Anna Chen, Associate, Gowling WLG (Canada) LLP In the recent decision, The Estate of William Harper,[1] the Court was asked to determine whether a two page beneficiary designation form that was missing its first page (the page on which the account number would be indicated) and not processed by the financial institution was valid. Facts William Harper, deceased (the “Deceased”), died on September 5, 2019.  At the time of his….

Incomplete and Unprocessed Beneficiary Designation Held Valid Continue Reading »

Estate Planning, Succession Planning, Uncategorized

‘TILL DEATH DO US PART

• • 0 Comments

Today, over half of Canadians own a pet. However, a recent survey shows only 7% of pet owners have made formal arrangements for them. If there is no provision in your estate plans, your beloved pet might not be taken care of in the manner to which they’ve become accustomed…..

‘TILL DEATH DO US PART Continue Reading »

Estate Administration, Estate Planning, Family Conflict, In the News, Interest, Succession Planning, Wills
Scroll to Top