Trusts

Total 213 Posts

Tax Appeals in Estates and Legal Standing

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In the land of income taxes and income tax law, it is generally understood that a taxpayer cannot appeal another taxpayer’s assessment without legal standing to do so. This is particularly relevant when the taxpayer being assessed or re-assessed is deceased. In the Estate of Straessle v. the Queen 2018 DTC 1106, the issue of legal standing was put to the test with interesting results. Sometime ago, The Canada Revenue….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues, Trusts, Uncategorized

Where’s There is a Will (and a Clear One), There is a Way!

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In Campbell v Evert 2018 ONSC 593, the deceased had, in the decade prior to her passing, transferred to Mr. Evert (one of the “kids”) the family cottage valued at $145,000. In her will later that year,  she made a specific bequest of $145,000 to Ms. Campbell, the other “kid’, which was consistent with the value of the cottage at that time. Several years later and prior to her passing,….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Executors, Property, Real Estate, Testamentary Capacity, Trusts, Uncategorized, Wills

e-Signed, Sealed, Delivered….and Legal

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Earlier this week, the Law Commission in the UK confirmed that electronic signatures can be used to sign formal legal contracts under English law. John Hancock is rolling over in his grave. In England and Wales, the Law Commission is an independent legal advisor set up by Parliament to review laws and recommend reforms. The Commission has issued guidance and a summary document stating that e-signatures are just as valid as paper signatures. Currently in Canada, certain documents….

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Contested wills, Contracts, Estate Litigation, In the News, International, Power of Attorney, Trusts, Wills

TFSA’s and Residency

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Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. What if in a scenario recently presented in a round table discussion with the Canada Revenue Agency (“CRA”), the CRA….

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Canada Revenue Agency, Estate Planning, Investments, Property, Trustee, Trusts, United States

Creation of a Testamentary Trust for Purposes of the 21-Year Deemed Disposition Rule

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Last week I was fortunate to be able to attend STEP Canada’s 20th National Conference, along with 780 other trust and estate practitioners.  This was my third consecutive year attending the Conference, and yet again, it did not disappoint.  Individuals from not only across Canada but also around the world gave insightful and interesting presentations on various estates and trusts related topics. The STEP Canada/Canada Revenue Agency Round Table is….

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Canada Revenue Agency, Trusts

TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

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Under the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns” to be filed under certain circumstances). Further, there is currently no requirement for the trust to report the specific identity….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Tax Issues, Trustee, Trusts, Uncategorized, United States
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