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
When trustees distribute income of a trust to a non-resident beneficiary, they must be mindful of potential Canadian tax implications. Part XIII tax is a tax withheld at source when income is paid to a non-resident. For Canadian trust and estate purposes, Part XIII requires a non-resident beneficiary to pay tax on certain amounts that a Canadian trust or estate pays or credits (or is deemed to pay or credit)….
Non-Resident Beneficiary and Part XIII Withholding Tax – Trustee Beware Continue Reading »
Tax Issues, Trustee, TrustsWith 6 weeks until the end of 2023, it is a good time to remind trustees of their obligations in respect of the trusts that they are responsible for managing and administering. Last year, I wrote a blog where I reminded trustees of discretionary trusts of the importance of documenting income payment decisions before the end of the year. Trustees should start considering what they plan on doing with the….
Trustees – it’s time to start gathering information Continue Reading »
Canada Revenue Agency, Estate Administration, Tax Issues, Trustee, TrustsIt is very difficult to plan for every possible scenario when you are drafting your will. Not only is it important to consider who to name as your executor, but you also need to think about what would happen if something happened to your executor. In an earlier blog, I looked at what happens if an executor dies before the testator and offered some practical considerations. Today’s blog will explore….
What Happens if Something Happens to your Executor? – Part Two Continue Reading »
Estate Administration, Estate Planning, Executors, Trustee
Declaratory Relief Defined It is well understood that a court can order a party to do something or order a party to refrain from doing something. Another power of the court is its ability to make declarations. The Court of Appeal for Ontario defined a declaratory judgment in Bryton Capital Corp. GP Ltd. v CIM Bayview Creek Inc., 2023 ONCA 363, as follows: “a formal statement by a court pronouncing….
Declaratory Relief – Not Always Available Continue Reading »
Appeals, Contracts, Courts, Estate Administration, Executors, Fiduciary Professions, Trustee
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