Total 150 Posts
Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion…..
Trustees Holding Title to Real Property: It Used to be Simpler Continue Reading »
Cottage, Estate Planning, Fiduciary Professions, Joint Tenancy, Property, Real Estate, Succession Planning, Trustee, Trusts
Nearly two years ago, I wrote a blog post titled “Assessing Drake’s Estate Planning Needs”. The post looked at rap sensation Drake’s assets vis-à-vis his intent for his son Adonis to be the sole beneficiary of his estate, and the various considerations that he ought to have in planning for the effective transition of his wealth to Adonis. Yet, as any advisor in this space knows, the estate planning discussion….
Further Assessing Drake’s Estate Planning Needs Continue Reading »
Business Succession Planning, Canada Revenue Agency, Executors, Insurance, Investments, Real Estate, Succession Planning, Tax Issues
It is quite common for a will to begin with a statement that all previous wills and codicils are revoked. This is done to ensure that only the will being executed at that time remains the valid will of the testator, and any prior testamentary instruments no longer desired will not end up being inadvertently relied upon by a future estate trustee. Less well-known is that a previously revoked will….
Reviving a revoked will Continue Reading »
Estate Litigation, Estate Planning, Succession Planning, Trustee, Wills
Today’s blog was written by Christopher Cook, Student-At-Law at de VRIES LITIGATION LLP In some common law jurisdictions, there exists a fascinating (but rarely applied) legal doctrine called “patent mistake.” This doctrine applies in the context of applications for probate. When asked to probate a will, the court’s task is to determine whether the will in question really is the deceased’s last will and testament. Naturally, this inquiry requires the….
Facts, Mistakes, and Probate Continue Reading »
Contested wills, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Executors, Fiduciary Professions, Succession Planning, Wills
Since the introduction of the draft legislation for intergenerational business transfers (IBT) on March 28, 2023, the National tax services team at Baker Tilly Canada has reviewed the IBT rules in detail. For a convenient summary of the proposed IBT rules, please refer to the following document prepared by the team – Genuine intergenerational transfers – comparison of the rules. The objective of this blog is to provide an analysis….
Intergenerational business transfers Continue Reading »
Business Succession Planning, Estate Planning, Succession PlanningFor many years, non-arm’s length intergenerational transfers of corporate businesses were treated inequitably under the Income Tax Act (ITA). A transfer of a corporate business between non-arm’s length parties[1] resulted in dividend treatment to the vendor instead of capital gains treatment, precluding the ability to claim the capital gains deduction. With the inability to claim the capital gains deduction and the loss of the preferential tax treatment for capital gains,….
Genuine intergenerational transfers Continue Reading »
Succession Planning