Trusts

Total 216 Posts

TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES

•

One of the many tasks associated with the administration of trusts is making sure all tax payments are made on a timely basis to protect the trust and its beneficiaries from avoid interest and penalties. In this regard, most trusts are required to make installment payments. Prior to 2016 only inter vivos trusts (other than grandfathered inter vivos trusts) were legislatively required to make instalment payments under the relevant sections….

TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES Continue Reading »

Estate Administration, Estate Planning, Executors, Interest, Property, Tax Issues, Trustee, Trusts

Once a Qualifying Spousal Trust, Always and Qualifying Spousal Trust – and a Note on Deathbed Holograph Wills

•

During the June 10, 2016 Toronto STEP Conference Roundtable, the CRA was asked to provide its views on paragraph 8 of IT-3054, which states: Once a trust qualifies as a spouse trust under the terms of subsection 70(6), it remains a spouse trust and is subject to the provisions affecting such trusts (for example, paragraph 104(4)(a)) even if its terms are varied by agreement, legal action or breach of trust…..

Once a Qualifying Spousal Trust, Always and Qualifying Spousal Trust – and a Note on Deathbed Holograph Wills Continue Reading »

Trusts, Wills

Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark?

•

The capital dividend account (“CDA”) is a tax free surplus account within a private corporation which gives shareholders designated capital dividends, tax-free. The CDA typically contains the non-taxable portion of the company’s capital gains net of capital losses, capital gains received by other companies, proceeds of life insurance on death and other capital like distributions. The CDA account is often a central feature of tax planning for individuals with private….

Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark? Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Investments, Small Business, Succession Planning, Tax Issues, Trusts

Principal Residence Exemption and some of the “What if’s”

•

In my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the exemption may or may not apply. As an executor or trustee, you may encounter these scenarios and it might be….

Principal Residence Exemption and some of the “What if’s” Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Joint Tenancy, Property, Real Estate, Tax Issues, Trustee, Trusts

When Business Agreements Masquerade as Trusts

•

Trusts are tricky – they can arise in circumstances where none of the parties involved ever use the word “trust.” There is good reason for this; often the settlor of the trust and the trustee are laypeople who can describe the type of relationship they wish to create, but are unaware of the legal terms to describe it. If a lawyer does become involved, she will likely set the terms….

When Business Agreements Masquerade as Trusts Continue Reading »

Trustee, Trusts

It is Not My Deed: How a Party Can Void a Trust Agreement

•

One way for a party to set aside a trust agreement is by arguing that the settlor of a trust made a mistake about the trust. The concept, often found in contract law, is known as non est factum (note that a trust deed can be seen as a contract). The doctrine applies where there was both a mistake made in the execution of a contract, and the party was actually in error about….

It is Not My Deed: How a Party Can Void a Trust Agreement Continue Reading »

Trusts
Scroll to Top