Trusts

Total 216 Posts

TFSA’s and Residency

• • 0 Comments

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….

TFSA’s and Residency Continue Reading »

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

• • 0 Comments

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….

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

Canada Revenue Agency, Trusts

TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

• • 0 Comments

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….

TRUST REPORTING: NEW REQUIREMENTS COMING SOON! Continue Reading »

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

Supreme Court likely to leave Henson Trusts alone

• • 2 Comments

A month from now, the Supreme Court of Canada will hear a case that may provide some guidance on the issue of what interest a beneficiary of a discretionary trust has in that trust. The high court has granted leave to appeal in the case of S.A. v. Metro Vancouver Housing Corporation. While some have worried that this case may impact Henson-style trusts (discretionary trusts set up to not impact….

Supreme Court likely to leave Henson Trusts alone Continue Reading »

Estate Litigation, Trusts

To vary or not to vary

• • 0 Comments

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts legislation, trustees were generally bound to administer the trust according to its terms.  Unless specifically allowed in the trust deed,….

To vary or not to vary Continue Reading »

Canada Revenue Agency, Executors, Tax Issues, Trustee, Trusts

Trust Allocations and Gifts to Family Members

• • 0 Comments

A common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the business, thereby utilizing their life time capital gains exemption and potentially saving several hundred thousand dollars in taxes payable on….

Trust Allocations and Gifts to Family Members Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Planning, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, Uncategorized
Scroll to Top