Katie Ionson

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Katie Ionson is an Associate at Fasken Wealth Management, Charities and Not-for-Profit Group. As part of her wealth management practice, Katie assists clients with Wills, powers of attorney, trusts, marriage and domestic contracts, and trust and estate administration. She has experience using estate planning to address a variety of client objectives, including income splitting arrangements, asset protection and business succession issues. Katie is engaged in a broad practice in the areas of charities and not-for-profit law, which includes preparing applications for charitable status, assisting clients with transitioning to the new federal or provincial not-for-profit legislation, drafting endowment and gift agreements and advising on administrative and tax-related issues. Email: kionson@fasken.com

More from the CRA on Survivor Payments from TFSAs

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In my last post, I wrote about a recent Technical Interpretation from the CRA where the CRA was asked to consider whether a survivor payment could be made by an executor out of a deceased taxpayer’s TFSA (or, more specifically, former TFSA) to the deceased’s spouse in satisfaction of a legacy left to the spouse. In other words, in circumstances where the spouse was not the designated beneficiary of the….

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Canada Revenue Agency

“Survivor Payment” from a TFSA to a Spouse who was not the Designated Beneficiary

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In Technical Interpretation 2016-0679751E5 the CRA considered whether a survivor payment could be made out of deceased’s TFSA to the deceased’s spouse, in circumstances where the spouse was not the designated beneficiary of the TFSA. In this case, the executor wished to satisfy a legacy to the deceased’s spouse out of the property of the deceased’s TFSA. The estate, and not the spouse, was the beneficiary of the TFSA. A….

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Estate Administration, Tax Issues

Caution Required: Gift by a Graduated Rate Estate of a Capital Interest in a Residual Trust

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The CRA was recently asked to consider whether subsection 118.1(5.1) of the Income Tax Act would apply to a gift made to a qualified donee of a capital interest in a testamentary charitable residual trust. Subsection 118.1(5.1), if applicable to charitable gift, allows the tax credit in respect of the gift to be claimed by the testator in either or his or her last two taxation years or by testator’s….

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Court of Appeal on Executor Removal in Cases of Conflicts of Interest

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A recent case from the Ontario Court of Appeal (published in French) dealt with the principles to consider in evaluating an application to remove an executor due to a conflict of interest. The deceased in Talbot c. Bergeron, 2016 ONCA 956, had two children, a son and a daughter. The deceased owned several greenhouses, a store and 150 acres of land. Both the son and daughter were involved in the….

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Fresh From the Ontario Court of Appeal: A Curious Case of “Just” Enrichment

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This month, the Ontario Court of Appeal released its decision in Moore v. Sweet, 2017 ONCA 182. The case discusses several issues, but its discussion of unjust enrichment carries the day. In particular, the decision hinges on whether an irrevocable beneficiary designation executed subsequent to an agreement to designate a different beneficiary of the policy constitutes a juristic reason for the enrichment of the irrevocably designated beneficiary. The essential facts….

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Testamentary Letter of Wishes- Part 2

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In my last blog post of January 27, 2017, I discussed testamentary letters of wishes and some of the benefits and potential pitfalls of their use. For the purposes of the post, I limited the discussion to testamentary letters of wishes which are designed to convey a testator’s wishes and desires regarding the disposition of personal items after the testator’s death. This post continues the discussion. Another “pitfall” of letters….

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Estate Planning, Wills
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