Uncategorized

Total 679 Posts

Estate Planning – A Lesson in Communication

• • 0 Comments

So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

Estate Planning – A Lesson in Communication Continue Reading »

Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

New Amendments to the Principal Residence Rules Relating to Trusts

• • 0 Comments

On October 3, 2016 the Minister of Finance announced a series of tax measures relating to the principal residence exemption. The October 3 measures had not been implemented when the government introduced its budget on March 22, 2017. As part of that budget, the government confirmed its intention to move forward with the October 3 measures. The budget implementation bill was released on October 25, 2017, and includes some substantive….

New Amendments to the Principal Residence Rules Relating to Trusts Continue Reading »

Uncategorized

Gifting Personalty

• • 0 Comments

This Blog was written by: Sally Lee, J.D. In an old New York Times article, I read about Jackie Kennedy Onnasis’ personal effects being initially valued at $6 million and later sold at auction for $34.5 million. The IRS, no doubt, went after its share. When I meet clients for estate planning, I often ask if they own something of significant worth that could be featured on “Antiques Roadshow”. Usually,….

Gifting Personalty Continue Reading »

Estate Planning, Property, Uncategorized

Robert and Signe McMichael’s Complicated Legacy

• • 2 Comments

[caption id="attachment_5842" align="aligncenter" width="477"] Robert and Signe McMichael signing Gift Agreement with Ontario Premier John Robarts .18 November 1965. Credit CBC[/caption] Robert and Signe McMichael, the namesake of the McMichael Canadian Art Collection, were savvy art collectors who made some painful philanthropic and estate planning mistakes.  Visionary Collectors     Starting in 1955, when they were in their early 30s, they started buying landscape paintings by the Group of Seven….

Robert and Signe McMichael’s Complicated Legacy Continue Reading »

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

Contributor/settlor Taxable Income and T3 Reporting Requirements

• • 0 Comments

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….

Contributor/settlor Taxable Income and T3 Reporting Requirements Continue Reading »

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

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

• • 0 Comments

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….

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

Estate Planning, Uncategorized, Wills
Scroll to Top