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Fiduciary Investing Series – Powers of Attorney and Investment Portfolios

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  This blog has been written by Robert Boyd, Director, Scotiatrust. When one assumes the role of power of attorney for property, it is often taken as a duty or even an honour. The fact that someone is willing to bestow the responsibility to take care of their financial affairs in their greatest time of need is a recognition of a trust that you will act in their best interests…..

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Power of Attorney, Uncategorized

Can You be Removed as a Trustee Without a Replacement?

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The recent case of Novak v. McDougall, (2019 SKQB 261), confirms that when you have accepted an appointment to be trustee, you may not be able to have yourself removed from that appointment without a suitable replacement. The applicant in this case, a beneficiary of a “Henson” trust (basically defined as being entitled to distributions from a discretionary trust but having no vested interest in the trust assets) set up….

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Capacity Law, Contested wills, Costs, Credibility, Estate Administration, Estate Litigation, Executors, Family Conflict, Guardianship, Passing Of Trustees’ and Executors’ Accounts, Resulting Trust, Trustee, Trustee Compensation, Trustee Disputes, Trusts, Uncategorized, Wills

Estate Donations to Government

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The title of this blog may provoke laughter, or perhaps, just head-shaking disbelief.  But estate donations to various levels of government do happen. The trick is to ensure that the donor’s intentions are carried out. The Crown – i.e. federal and provincial governments – and Canadian municipalities are qualified donees under the Income Tax Act. Agents of the Crown are also generally included – for example, government agency or university….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

The Principal Residence Exemption and Trusts for Disabled Persons Revisited

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In 2016, the federal government introduced changes to the definition of “principal residence” in the Income Tax Act (Canada). The changes significantly restricted the types of personal trusts that are eligible to claim the principal residence exemption (“PRE”). As a result of the changes, only three categories of personal trusts are eligible to use the PRE: life interest trusts, i.e. alter ego trusts, joint partner trusts, spousal trusts, and self-benefit….

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When is a Dividend Not a Dividend?

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In Trower v. the Queen, 2019 TCC 77, the Company was privately held by the taxpayer and her spouse (49% and 51% respectively) until the taxpayer ceased to be shareholder in the Fall of 2016, pursuant to a separation agreement between the spouses. The company prepared and filed a T5 tax slip to document that dividends were paid in 2016 to the taxpayer prior to her ceasing to be a….

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Canada Revenue Agency, Contracts, Estate Administration, Practice Management, Separation, Small Business, Spouse, Tax Issues, Uncategorized

Tomorrow is GivingTuesday

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This past weekend was the American Thanksgiving.  In Canada we knew it was their Thanksgiving because advertising for  Black Friday sales was everywhere.   First it was on Friday, then it included Saturday and Sunday and now we have Cyber Monday.  What a concept!  While I tried not to be taken in by the advertising, I failed.  Our 10 year old television finally died and Best Buy was advertising some good….

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Uncategorized, United States
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