Total 216 Posts
Several years ago, I wrote about probate planning involving the use of joint accounts. At the time, my father-in-law had just passed away and my mother-in-law, who survived him, was intent on paying the least amount of Estate Administration Tax (EAT). Jointly held property with a spouse or with one or more children, with a right of survivorship may not form part of the deceased’s estate and may be effective….
Joint accounts – continued Continue Reading »
Estate Administration and Probate Applications, Estate Planning, Executors, Family Conflict, Investments, Joint Tenancy, Probate Tax, Trustee, Trusts, Uncategorized, WillsThis Blog was written by: David McPhee, Estate and Trust Consultant, Scotia Wealth Management When the term “power of appointment” comes to mind, one often thinks of the provision in a will or inter vivos trust deed which creates a trust for a beneficiary for his or her lifetime, and then goes on to say that the beneficiary has the ability to specify in writing, either through his or her….
Powers of Appointment vs. Trusts – Failure to distinguish between them in Wills Continue Reading »
TrustsThere is renewed discussion on whether Canada will become another jurisdiction where specific gift or estate taxes will be imposed on inheritances. There is speculation that the discussion will lead to something concrete as early as next week’s Federal Budget. In the meantime, there are situations where inheritances can come with a tax burden, such as the one described in a recent Tax Court of Canada case (Goldman v. the….
Inheritance and Tax Continue Reading »
Attorney Compensation, Canada Revenue Agency, Compensation, Costs, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Investments, Liability, Tax Issues, Trustee, Trustee Compensation, Trusts, Uncategorized
The tax reform of 1987 introduced the term “taxable preferred shares”[1] to curtail the tax advantage for non-taxpaying corporations using preferred share financing over debt financing. The result of this reform subjected the non-taxpaying corporation to a (current) 25 per cent tax on dividends that were paid on taxable preferred shares in excess of a specified dividend allowance. This tax imposed under the Income Tax Act is referred to as….
Taxable preferred shares and estates – say what? Continue Reading »
Estate Planning, Tax Issues, Trusts
Use of spousal trust or common-law partner trusts Setting up a spousal or common-law partner trust is a very important decision that generally results from non-tax reasons. One of the common reasons for setting up this type of trust is to protect the surviving spouse from influencers who might try to gain access to the surviving spouse’s inherited assets. The set-up of a spousal or common-law partner trust can provide….
Bequeathing qualifying shares: to trust or not to trust Continue Reading »
Business Succession Planning, Estate Planning, Small Business, Spouse, Succession Planning, Trusts
