Trusts

Total 221 Posts

Legislative Amendments Proposed in Light of Calmusky

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On March 16, 2020, the Superior Court of Ontario released its decision in Calmusky v Calmusky. In Calmusky, the Court applied the presumption of resulting trust to a RIF that was designated to a particular beneficiary. The beneficiary was unable to rebut the presumption, and the Court ordered that funds from the RIF were to be paid to the estate. For a more detailed discussion on Calmusky, see Demetre Vasilounis’….

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Contested wills, Contracts, Estate Administration, Estate Litigation, Estate Planning, Executors, Investments, Joint Tenancy, Resulting Trust, Trusts

Residual Interest Gifts of Homes

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Can you donate the residual interest of a principal residence to charity?  Absolutely!  The question, however, is not can it be done, but should it be done.  In most cases, the answer is no – especially for the charity. Structuring Options Let me address the structuring options first.  It is possible to donate a home to charity with an intervening life (or term) interest.  This means one or more persons….

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Estate Planning, Philanthropy/Charitable Giving, Trusts, Uncategorized

Alter Ego and Joint Partner Trusts – Loss Utilization

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Alter ego trusts (“AET”s)  and joint partner trusts (“JPT”s) have a deemed year end on the date of death of the last life interest beneficiary (the settlor for an AET and the last to die of the spouses for a JPT) resulting in the deemed disposition of certain property of the trust as at this date. The tax on the resulting capital gain is due on the trust’s balance due….

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Canada Revenue Agency, Tax Issues, Trusts

A change in trustee could be a tax problem

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The acquisition of control (AOC) rules in the Income Tax Act (ITA) are designed to prevent non-related persons or group of persons from trading in corporations that have unutilized losses for income tax purposes by restricting the corporation’s ability to deduct unutilized losses when control of the corporation has been acquired (i.e. change in shareholders). We know that the AOC rules can apply when there is a change in the….

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Canada Revenue Agency, Estate Planning, Tax Issues, Trustee, Trusts

Look Out: The New Trust Reporting Rules Are Almost Here

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As we head in to the Fall of 2020, we are quickly approaching the new trust reporting requirements. The new trust reporting rules come into effect with taxation years ending after Dec. 30, 2021.As a reminder to administrators, if a trust continues to be in place past Dec. 31, 2020, the trust will need to comply with the new reporting rules and the trust administrators must provide the following additional….

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Canada Revenue Agency, Estate Administration, Executors, In the News, Practice Management, Tax Issues, Trustee, Trusts, Uncategorized

Of Love, Resulting Trusts, Matrimonial Homes and Fenelon Falls

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The gratuitous transfer of property from a parent to an adult, capable child may result in a resulting trust…..

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Contested wills, Cottage, Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Joint Tenancy, Property, Real Estate, Resulting Trust, Spouse, Succession Planning, Trustee, Trusts
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