Trusts

Total 213 Posts

What Makes an Indigenous Trust Unique?

• • 0 Comments

What makes an Indigenous trust unique from other inter vivos trusts? Two factors in particular are worth noting: (1) the nature and involvement of the beneficiaries of the trust, and (2) the manner in which Indigenous entities as settlors can utilize the income attribution rule under s 75(2) and their tax-exempt status under s 149(1)(c) of the Income Tax Act…..

What Makes an Indigenous Trust Unique? Continue Reading »

Canada Revenue Agency, Tax Issues, Trusts

Trustees Holding Title to Real Property: It Used to be Simpler

• • 0 Comments

Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion…..

Trustees Holding Title to Real Property: It Used to be Simpler Continue Reading »

Cottage, Estate Planning, Fiduciary Professions, Joint Tenancy, Property, Real Estate, Succession Planning, Trustee, Trusts

Non-Resident Beneficiary and Part XIII Withholding Tax – Trustee Beware

• • 0 Comments

When trustees distribute income of a trust to a non-resident beneficiary, they must be mindful of potential Canadian tax implications. Part XIII tax is a tax withheld at source when income is paid to a non-resident. For Canadian trust and estate purposes, Part XIII requires a non-resident beneficiary to pay tax on certain amounts that a Canadian trust or estate pays or credits (or is deemed to pay or credit)….

Non-Resident Beneficiary and Part XIII Withholding Tax – Trustee Beware Continue Reading »

Tax Issues, Trustee, Trusts

How Separate is “Separate as to Property”?

• • 0 Comments

This blog has been written by Darren Lund a partner at Fasken LLP. Marriage contracts and cohabitation agreements are an increasingly important aspect of estate planning and wealth preservation. They can be used for a number of reasons and in a variety of contexts. Think of the parents wishing to protect a cash gift to a child to assist with the purchase of a home, the business owner who wants….

How Separate is “Separate as to Property”? Continue Reading »

Estate Planning, Property, Spouse, Trusts

Section 116 and Capital Distributions by Trust to Non-Resident

• • 0 Comments

When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition…..

Section 116 and Capital Distributions by Trust to Non-Resident Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration, Executors, International, Property, Real Estate, Tax Issues, Trusts

Trustees – it’s time to start gathering information

• • 0 Comments

With 6 weeks until the end of 2023, it is a good time to remind trustees of their obligations in respect of the trusts that they are responsible for managing and administering. Last year, I wrote a blog where I reminded trustees of discretionary trusts of the importance of documenting income payment decisions before the end of the year. Trustees should start considering what they plan on doing with the….

Trustees – it’s time to start gathering information Continue Reading »

Canada Revenue Agency, Estate Administration, Tax Issues, Trustee, Trusts
Scroll to Top