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Contributor/settlor Taxable Income and T3 Reporting Requirements

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As most trust and tax practitioners know, The Income Tax Act (“ITA”) will attribute trust income, losses, capital gains and capital losses to the contributor / settlor if certain conditions are met. The 2016 T3 Guide states the following: Certain related amounts, including taxable capital gains and allowable capital losses from that property or the substituted property, are considered to belong to the contributor during the contributor’s life or existence….

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

Latin Terms, “Per Stirpes” and “Per Capita”, Still Present in Wills

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Estate planners commonly use the Latin term, “per stirpes”, when drafting wills, but most lay people have no idea what the term even means. This arcane term differs from the less commonly used, but still present, Latin term, “per capita”.  It is important to understand the difference between these two terms in order to draft a will in accordance with a testator’s intention, as well as be able to explain….

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Estate Planning, Uncategorized, Wills

A True Heartbreaker

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This Blog was written by: Liz Bozek   As you have undoubtedly heard, Tom Petty died on October 2nd after suffering a massive heart attack. He was rushed to hospital and placed on life support but, after doctors discovered no signs of brain activity, the decision was made to remove life support. Petty died shortly after at the age of 66 years. Petty was looking forward to a well-deserved retirement and….

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Estate Planning, In the News, Uncategorized

Individual Pension Plans Revisited

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A fellow blogger wrote very eloquently late last week about succession planning for family owned businesses. Regrettably, as she noted the statistics for the successful transfer of family businesses are not very good. With the introduction of the new tax proposals, the challenge for a successful transfer of business to the next generation has become even greater. One important aspect of succession planning is for the current owner/operator to be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Uncategorized

Protecting Charitable Interests

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[caption id="attachment_5768" align="aligncenter" width="377"] Charities may struggle with a lack of resources and expertise when defending an interest in an estate.[/caption] Are charities in a will easier to challenge when there are more than five entities named?   This topic came up at a recent lunch with estate planning and litigation colleagues.  One told a cautionary tale of a large estate that was litigated away from a dozen named charities.  The….

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Estate Administration, Estate Donations, Estate Litigation, Philanthropy/Charitable Giving, Uncategorized

Control in the Valuation of Business Interests for Estate Planning

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From time to time, I am asked to prepare, review or comment on structures for estate planning purposes with a mind to valuation issues. A common valuation issue is control and whether or not the value of the business interest(s) in the estate plan should be discounted for lack of control or should have premium attached to it because the holder of the business interest(s) do(es) have control. Valuators rely….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills
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