Trusts

Total 213 Posts

When is a Gift not a Gift?

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Styres v. Martin 2018 ONCA 956 is a case of a gift that unfolded a saga (not over yet and far from it) of diminished capacity, alleged breach of trust, breach of fiduciary duty, unjust enrichment, undue influence to name a few. Mr. Styres lived in a house he built on land given by his father, for about 20 years, when in 1998, he suffered a very serious brain injury….

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Capacity Law, Caregiving, Disability, Estate Litigation, Power of Attorney, Property, Real Estate, Resulting Trust, Trusts, Uncategorized, Undue influence

Supreme Court Blesses Henson Trusts

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The Supreme Court of Canada has given its blessing to Henson Trusts (fully discretionary trusts set up to not impact the beneficiary’s social assistance benefits) in S.A. v. Metro Vancouver Housing Corp., 2019 SCC 4. I previously blogged about this case when it was before the Court of Appeal. The Metro Vancouver Housing Corporation (the “Landlord”) provides affordable rental housing in Vancouver.   The Landlord requires prospective tenants to provide evidence….

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Estate Litigation, Estate Planning, Trusts

Rest assured, a will is not a trust

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The past few months have been quite dramatic for estate lawyers; both on the drafting and litigation end.  As many of our readers know, Justice Dunphy stirred the pot in the estate world with his decision in Milne Estate (Re).  To recap, in the Milne decision, a husband and wife died on the same day.  They each left mirror primary and secondary wills.  Each of the primary and secondary wills….

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Trusts, Wills

Amendments to the CBCA: Implications for the Valuation of Interests in Trusts?

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Amendments to Canada Business Corporations Act (“CBCA”), will come into force mid-2019 which will require each private CBCA corporation to maintain a register listing the actual individuals (i.e., physical persons with name, address and date of birth and tax jurisdiction) with significant control in fact over the corporation including individuals who are beneficial shareholders with significant control: an individual who is a registered or beneficial owner of, or who has….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Tax Issues, Trustee, Trusts

Sham(e) on You!

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McGoey (Re), 2019 ONSC 80 (CanLII) is a fun case which reminds readers of the law surrounding sham trusts, but also demonstrates that the most convincing evidence can sometimes be found right on the (type)face of a document, the validity of which is in issue. In this motion, the trustee of the bankrupt estate of Gerald McGoey sought a declaration that Mr. McGoey’s interest in two properties held in joint….

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Joint Tenancy, Trustee, Trusts

Another Resolution for the New Year – Take Advantage of the Low Prescribed Rate

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We have talked about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Loans, Property, Real Estate, Tax Issues, Trusts
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