Malcolm Burrows

Total 159 Posts

 Website

Malcolm is a philanthropic advisor with over 30 years of experience. He is head, philanthropic advisory services at Scotia Wealth Management and founder of Aqueduct Foundation. Views are his own. malcolm.burrows@scotiawealth.com

Serving the Charitable Purpose

•

I want to float a trial balloon about charitable trusts. A clause stipulating that a trust should be limited to using income for charitable purposes, meaning that capital is untouchable, should be viewed as an administrative clause and not part of the charitable objects. The charitable purposes of the trust may be perpetual, but making the trust “income only” is a historical drafting convention that no longer serves the charitable….

Serving the Charitable Purpose Continue Reading »

Estate Planning, Philanthropy/Charitable Giving, Trustee, Trusts

Are Charities Second-Class Beneficiaries?

•

Charities face a bizarre challenge when administering gifts by will.   It should be simple.   After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust.   The money is owed to the charity and the interest in the trust is legally enforceable.   Charities, however, are often considered to be second-class beneficiaries. What does it mean to be a “second-class beneficiary”?   The idea….

Are Charities Second-Class Beneficiaries? Continue Reading »

Charitable Giving, Estate Administration, Philanthropy/Charitable Giving

Strangers in Family Foundations

•

Family charitable foundations are often equally about the family working together as they are about charity.  While the purpose of a foundation must be exclusively charitable, the founders’ hope is that future generations of family will have a place to work together and act on their values.   But how, particularly in an estate plan, do founders keep a family foundation on course?   One strategy is an independent director….

Strangers in Family Foundations Continue Reading »

Charitable Giving, Estate Planning, Philanthropy/Charitable Giving

Rethinking Testamentary Charitable Remainder Trusts

•

The tax treatment in Canada of testamentary charitable remainder trusts (CRT) has long been an exercise of metaphysical complexity. Although a charity may receive property from a trust established by will, tax receipts are rare. What looks like a gift isn’t for tax purposes. The new “estate donation” rules in sub-section 118.1(5) that became effective in 2016 have quietly changed this reality, but it may take a while for CRA….

Rethinking Testamentary Charitable Remainder Trusts Continue Reading »

Estate Planning, Philanthropy/Charitable Giving

When Charities Die

•

Contrary to public perception, it is quite common for charities to die.   The majority of charities are small, volunteer-run entities and some run out of steam and are deregistered.  Since 2011, over 7,536 charities have had their status revoked by Canada Revenue Agency for reasons ranging from exhaustion and mergers (which produce voluntary revocations), failure to file the annual return, or cause. What happens when there is a gift by….

When Charities Die Continue Reading »

Estate Administration, Estate Planning, Philanthropy/Charitable Giving

60 Months: Estate Donations Revised

•

On January 15th, 2016 the Department of Finance announced changes to the trust and estate donation rules that came into effect at the beginning of 2016.   Three measures affected charitable donations, including two improvements to the “estate donation” rule. 1. Timing of Transfer Estate donations – gifts by will and direct designation gifts of life insurance and registered funds – were originally aligned with the 36-month graduated rate estate (GRE). ….

60 Months: Estate Donations Revised Continue Reading »

Estate Planning, Philanthropy/Charitable Giving
Scroll to Top