Trusts

Total 216 Posts

How Separate is “Separate as to Property”?

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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….

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Estate Planning, Property, Spouse, Trusts

Section 116 and Capital Distributions by Trust to Non-Resident

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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…..

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

Trustees – it’s time to start gathering information

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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….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trustee, Trusts

Non-Resident Beneficiary and Part XII.2 Tax

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It’s not uncommon for a trust or an estate to have a non-resident beneficiary. When such a situation arises, trustees should consider whether Part XII.2 tax applies. Essentially, Part XII.2 imposes a 40% tax on the non-resident beneficiary if the trust or estate earns designated income that would, if earned directly by a non-resident, be taxed under Part I of the Income Tax Act (the “Act”). Its purpose is to….

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Tax Issues, Trusts, Uncategorized

How Much Should You Leave To Your Children And When?

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This week, I had a great opportunity to sit down with Andy Jeffery, Vice President, Family Office Advisory, at Northwood Family Office,[1] to discuss a question frequently raised by clients; “How much should I leave my children and when?” Below we distill our discussion into five questions, providing you with both of our perspectives, being that of a family office advisor and an estate planner. Do clients seek guidance in….

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Estate Planning, Trusts

The Cy-Près Doctrine: When Good Intentions Count For Something

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The cy-près doctrine It is common practice to leave a gift to a charity in your will. However, the charity that the testator wished to support may not have been named properly in the will (leading to confusion about who was supposed to benefit from the funds), or may have ceased to exist by the time the testator died. Where a testator intended to benefit a charity, the courts have….

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Charitable Giving, Estate Administration, Estate Donations, Estate Litigation, Estate Planning, Executors, Philanthropy/Charitable Giving, Trustee, Trusts, Wills
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