Trusts

Total 216 Posts

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

Whose Land Is It Anyways? Friends of Toronto Public Cemeteries v. Mount Pleasant Group of Cemeteries

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In a recent decision that pitted a Toronto citizens’ group against cemetery operators, Justice Dunphy found that the cemeteries were publically owned, required public oversight, and were operating beyond the terms of the trust that govern the cemeteries. In 1826, a group sought to buy land to create a non-denominational cemetery to meet the needs of the growing city of York. They petitioned the Legislative Council of Upper Canada and….

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Trusts

Estate Planning for Pets

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Today’s blog was written by K. Thomas Grozinger, LL.B, C.S., TEP[1] Principal Trust Specialist, Professional Practice Group RBC Estate & Trust Services Will the holiday season bring a new pet into the family scene? Pets are often considered part of the family, with one survey suggesting that almost 20% of dog owners celebrate their pet’s birthday![2] So it’s no surprise that Canadians want to make sure that their pets are….

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Estate Planning, In the News, Philanthropy/Charitable Giving, Trusts, Wills

Capital Gains Exemption Purification before a Share Sale: Be Careful about Timing

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Assume a family trust (“Trust”) which has a December year end owns 100% of an operating company (“opco”). A separate corporation (“holdco”), owned by the founders of opco, is a corporate beneficiary of the Trust. Opco is up for sale. Opco has excess funds which may affect the Trust’s and its beneficiaries’ ability to claim the capital gains exemption. A common technique to purify opco for capital gains exemption purposes….

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Canada Revenue Agency, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts
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