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The Prescribed Rate is About to Change – for Real this Time?

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The prescribed rate is the minimum interest rate prescribed by the Canada Revenue Agency (“CRA”) that should be charged on various non-arm’s loans such as those made by you to your spouse or child (through a family trust). Such loans are a common device to split income with others in your family. The money is often used to invest in income-producing properties and the income is taxable in the hands….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Real Estate, Tax Issues, Uncategorized

The Society of Trust & Estate Practitioners (STEP) Annual Conference

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Earlier this week I attended the 19th annual National Conference of the Society of Trust & Estate Practitioners (“STEP”). I must congratulate Michael Dodick, Janis Armstrong and their whole team for putting on another very successful conference. The success of the conference is easily measurable, there were 720 attendees, making it the largest STEP conference in the World. STEP Canada continues to grow and now has 2486 members in 11 branches….

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Estate Planning, In the News, Practice Management, Uncategorized

The New Parentage Rules in the Children’s Law Reform Act

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Continuing my discussion of the All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), 2016, S.O. 2016, c. 23, in this blog I will look at the new rules for determining the relationship of parent and child in Part I of the Children’s Law Reform Act (“CLRA”), which became effective January 1, 2017. Section 1 of the CLRA as it read on December 31, 2016 essentially recognized….

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Returning a gift after 36 years

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What’s a charity to do when a donor asks for a gift to be returned?  As my fellow blogger Derek de Gannes recently reported, CRA provided a technical interpretation in response to a charity inquiry relating to life insurance policy donated in 1981. The gift was intended for a discontinued program and now the donor wants his policy back. Returning the donation may be “regarded as making a gift to a….

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What Will Your Will Say?

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A last will and testament can often provide insight into a person’s final fortunes, thoughts, and wishes, right down to who should receive his or her hair strands.  For today’s blog, I decided to research fascinating (and sometimes questionable) provisions in last wills and testaments.  I share with you some of the most intriguing requests and bequests in the last two hundred years: Happy birthday, Mr. President Marilyn Monroe left….

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JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

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When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it transfers to that person when I pass away? Are there any implications? Technically speaking, “putting someone else’s name on a….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Interest, Investments, Joint Tenancy, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills
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