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Foundations with Donor Advised Funds

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The current Special Senate Committee on the Charitable Sector seems to be quite interested in “donor advised funds” or DAFs. In particular, members of the Committee are suggesting that the Income Tax Act should be changed to require individual funds to have minimum disbursement quotas and separate regulatory reporting. This policy trial balloon is worth debating. If for no other reason than a lot of Canadians now have their philanthropic….

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Elder Law, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

The “Rule of Convenience”: Why Legacies May be Subject to 5% Interest

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Today’s blog is being brought to you by our guest blogger, Anna Chen. It is a long-standing common law rule that a personal representative has one year after a deceased’s death to wind up the estate. Referred to as the “executor’s year”, the rule is intended to give the personal representative some time to administer the estate before beneficiaries have a legal entitlement to demand payment. A related and similarly….

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My First and Only (Kind of) Experience with the Declarations of Death Act

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  This blog was written by Sally Lee, LLB – Estate and Trust Consultant with Scotia Wealth Management. When I was in private practice, I worked on a probate file where the deceased was declared dead pursuant to subsection 2(5) of the Ontario Declarations of Death Act.  He was missing for at least seven years and his family members made the application to the court.  I did not work on….

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Estate Planning, Family Conflict, Uncategorized

Fair Market Value Used to Test the Meaning of All or Substantially All of the Assets Used in an Active Business

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Under The Income Tax Act (“ITA”), if a taxpayer disposes of property that is all or substantially all of the assets used in an active business for consideration that includes shares of a corporation, the shares are deemed to be capital property. The disposal is considered to be a capital gain and may be eligible for the lifetime capital gains exemption for qualifying companies. This is a very important piece….

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

Tax Appeals in Estates and Legal Standing

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In the land of income taxes and income tax law, it is generally understood that a taxpayer cannot appeal another taxpayer’s assessment without legal standing to do so. This is particularly relevant when the taxpayer being assessed or re-assessed is deceased. In the Estate of Straessle v. the Queen 2018 DTC 1106, the issue of legal standing was put to the test with interesting results. Sometime ago, The Canada Revenue….

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

Posthumously-Conceived Children Revisited

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Please note: This blog has been updated from the original version which appeared on October 19, 2019. In a previous blog I wrote about Ontario’s new parentage rules, which came into force on January 1, 2017. Those are the rules that govern who is recognized at law to be a parent of a child. The relationship of parent and child that is recognized at law is then followed in determining….

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