Trusts

Total 216 Posts

Considerations When Trustees are Involved in Transactions

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Approaching year end, you increasingly may be fielding calls from corporate lawyer peers who are closing transactions in which trusts are involved. For example, trusts may be direct vendors or sellers, or, perhaps HoldCos are the sellers, but one or more trusts own the shares of the HoldCos.  This blog will explore some (but not all) considerations that are relevant when trusts are involved in a transaction. High Level Considerations….

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Estate Planning, Trustee, Trusts

Beneficial ownership reporting for trusts – the uncertainty is almost here!

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The beneficial ownership reporting for trusts (BORT) rules, originally announced in the 2018 Federal Budget on February 27, 2018, has made its way into the House of Commons. The original draft legislation released by Department of Finance on July 27, 2018 was updated on February 4th and on August 9th of 2022. This final update of the BORT draft legislation is now included in the 172 pages of Bill C-32[1]….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts

The Incapable Foreign Beneficiary

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If you’re a frequent reader of this blog, then by now it you should know that acting as a trustee comes with a minefield of obligations and duties. Sorry folks, but I’m adding one more to the pile. The Case In Galea v. Tybel et al., a trustee of a trust located in Ontario sought to wind up the trust and distribute the funds, held for the benefit of a….

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Guardianship, Trustee, Trusts, Uncategorized

New Trust Reporting Requirements Postponed Yet Again!

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Today’s blog was written by Pritika Deepak, Associate at Fasken LLP. Several tax practitioners and professionals alike breathed a sigh of relief on November 3rd, 2022, when Parliament confirmed that the enhanced tax reporting obligations for trusts shall be postponed once more. As per draft legislation published on August 9, 2022, the application of such enhanced rules was expected to apply to taxation years ending after December 30, 2022. Fortunately,….

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Canada Revenue Agency, Tax Issues, Trusts, Uncategorized

Campaign Donors Permitted to Advance Trust Claim

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GoFundMe is arguably the most recognized crowd funding platform used by many who seek to raise funds from the public domain to support a defined goal. Legal issues have been raised surrounding the funds donated through platforms such as GoFundMe, particularly when the funds are used for something other than its intended purpose. This issue is at the heart of Maghdoori v. Sanjari, 2022 ONSC 4624 (CanLII) (“Maghdoori”), an application….

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Charitable Giving, Estate Donations, Philanthropy/Charitable Giving, Trusts

The evolution of trust drafting

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A trust indenture established today looks nothing like a trust indenture established 10 or 20 years ago. The evolution of trust drafting, and the rigid legalese once used for trusts has given way to language that better anticipates the myriad of potential scenarios typically faced by today’s clients. This evolution in trust language is most noticeable when reviewing the modern beneficiary clauses. Evolution of trust language Trusts have always contained….

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Business Succession Planning, Trusts
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