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Fair Tax Plan is Not Fair

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When I was a child I would get together with kids in the neighborhood and we would play games like racing toy cars. Someone would call out the rules and the games would go for hours to the delight of our parents. On occasion one of the kids would do something that appeared to others as outside the rules which would be greeted with howls of protest “… not fair”…..

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Estate Planning, Executors, Succession Planning, Tax Issues, Uncategorized

For Whom the Bells Toll: It Tolls for Family Trusts?

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As we continue to absorb the draft legislation (together with explanatory notes and consultation paper) introduced by the Department of Finance to overhaul the system of taxation for private companies, some things have are becoming clear. If essentially enacted as currently drafted, the legislation will likely spell the end of family trusts for tax planning arrangements, particularly in the private company setting. Traditionally, for tax planning purposes, family trusts are….

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

An XS-Cessive Inheritance

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This Blog was written by: Natalie Rouse As some of you may have read in recent celebrity news such as the UK Mirror, the daughter of Michael Hutchence (a founding member and lead singer of rock band INXS) and Paula Yates (television personality), Heavenly Hiraani Tiger Lily (“Tiger”), is currently making headlines . She is set to inherit millions of pounds from her late father’s estate when she turns 21….

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Estate Planning, In the News, Interest, International, Uncategorized

The Principal Residence Exemption: Can you Divide and Conquer?

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Recently, the Canada Revenue Agency (‘CRA”) was asked for its opinion on a fact situation with implications on the availability of the principal residence exemption for tax purposes, that I think also has applicability to estate planning in general and to some of the issues one can encounter when trying to divide interests in a property for estate planning purposes in particular. The CRA was provided with the following scenario…..

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized

The National Gallery of Canada’s Purpose

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[caption id="attachment_5336" align="alignleft" width="300"] New Indigenous and Canadian Galleries at the National Gallery of Canada, Courtesy of The Globe and Mail[/caption] At the recent opening of the new Indigenous and Canadian Art Galleries at the National Gallery of Canada (NGC), Director Marc Mayer made a fascinating throwaway comment. Due to the inclusion of historical objects and artifacts made by Canadian indigenous people NGC had to redraft its legal purposes.  In….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Estate Planning – Can You Just Give Some of it Away?

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A recent article in the press reminded me of a trend in estate planning which appears to be taking more favor in recent times. It is not very complicated, can lead to considerable tax savings and other benefits while you are with the living. I am referring to the gifting of cash or assets during your lifetime. Many people who consult me and other members of my practice are often….

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Charitable Giving, Estate Administration, Estate Donations, Estate Planning, Investments, Probate Tax, Tax Issues, Uncategorized
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