Serving the Charitable Purpose

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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….

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Estate Planning, Philanthropy/Charitable Giving, Trustee, Trusts

QDT’S AND THE PREFERRED BENEFICIARY ELECTION

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As fellow bloggers have noted, the Society of Trust and Estate Practitioners held its annual national conference in Toronto on June 9th and 10th. Each year, one of the most anticipated sessions is the Canada Revenue Agency (“CRA”) Roundtable. Question No. 4 at this year’s Roundtable concerned the interplay between the preferred beneficiary election (“PBE”) and the qualified disability trust (“QDT”). I have in a previous blog outlined the requirements….

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Estate Planning

A Wealth of Information for Trust & Estate Professionals

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Today’s blog was written by Elaine Blades, TEP Last week I had the pleasure of attending/presenting at STEP Canada’s 18th National Conference.  I was joined by over 700 trust and estate professionals from across Canada. STEP members come from a variety of professional backgrounds:  law, accounting, insurance, trust industry and financial planning.  The common denominator is expertise, work and ongoing education in the trusts and estates “profession”. The diversity of….

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Estate Planning

INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?

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Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal tax returns, the taxpayer asked the Canada Revenue agency (“CRA”) why this income could not be treated as dividend income….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, Interest, Investments, Tax Issues, Trusts, United States, US Taxes
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