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Direct Designation Estate Donations

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A direct designation gift of RRIF or life insurance proceeds is an estate donation, but lawyers and executors have little or no role to play. Normal procedural and disclosure rules don’t apply. How do charities ensure they receive their intended gift? How does the estate receive its tax receipt? Direct Designation Donations Deemed or direct designation gifts were introduced in the Income Tax Act in 2000 to address a fairness….

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The Incapable Foreign Beneficiary

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If you’re a frequent reader of this blog, then by now it you should know that acting as a trustee comes with a minefield of obligations and duties. Sorry folks, but I’m adding one more to the pile. The Case In Galea v. Tybel et al., a trustee of a trust located in Ontario sought to wind up the trust and distribute the funds, held for the benefit of a….

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Guardianship, Trustee, Trusts, Uncategorized

New Trust Reporting Requirements Postponed Yet Again!

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Today’s blog was written by Pritika Deepak, Associate at Fasken LLP. Several tax practitioners and professionals alike breathed a sigh of relief on November 3rd, 2022, when Parliament confirmed that the enhanced tax reporting obligations for trusts shall be postponed once more. As per draft legislation published on August 9, 2022, the application of such enhanced rules was expected to apply to taxation years ending after December 30, 2022. Fortunately,….

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Canada Revenue Agency, Tax Issues, Trusts, Uncategorized

Can a trustee demand financial information from a beneficiary?

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This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management  A trustee is responsible for carrying out the terms of a trust. Choosing the right trustee is essential to the success of any estate plan but it is also incredibly helpful to give them tools and instructions to assist them in carrying out their role. Trustees have a number of powers as well as fiduciary duties….

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Thoughtful Planning is Never a Waste of Time

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and most importantly, this is a story with a happy ending 🙂 I  would like to tell you about a friend of mine, who I’ll call D. D’s father developed signs of dementia in his late 70’s. Her mother began showing signs in her mid-80’s, and was formally diagnosed with Alzheimer’s a short while later. D grew up in a home of planners. Meals were planned. Expenses were controlled. Spontaneity….

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Elder Care, Uncategorized

Can a Power of Attorney for Property Change a Beneficiary Designation?

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Today’s blog is written by Jessica J. Butler, Law Clerk at Fasken LLP. Powers of attorney can be an area of confusion for those clients looking to create or update their estate plans. Clients can be uncertain as to what kinds of duties and responsibilities someone appointed under a power of attorney may have. Similarly, some clients are unsure of how beneficiary designations impact their estate plan. Today, I would….

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Estate Donations, Estate Planning, Power of Attorney, Succession Planning, Uncategorized, Wills
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