Total 80 Posts
Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at the time of the donation, the estate had not met all the requirements of the GRE definition in the Income….
Canadians are charitable people. According to Statistics Canada, 82% of Canadians made a financial donation to a charitable or non-profit organization in 2013 (the latest year statistics are available). The amount given by donors increased from an annual average of $469 in 2004 to $531 in 2013. The most generous donors are those age 75 and over – indeed, every older age category was more generous than the previous one…..
Must an estate pay for a charitable pledge by the deceased? Continue Reading »
Charitable Giving, Estate Donations, Estate LitigationI have a friend who inherited 1 million dollars from a distant uncle. Sounds like a healthy inter generational wealth transfer occurred. She has no children. She does not worry about whether she will be leaving an inheritance. Instead, she enjoyed a trip around the world and is keeping money aside for her golden years……..
‘Baby boomers under 75 set to inherit $750 B in next decade’- CIBC Continue Reading »
Charitable Giving, Elder Care, Estate Administration, Family Conflict, Philanthropy/Charitable GivingCharities 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 GivingFamily 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 GivingRegistered charities have always been subject to limitations on what activities they can carry on, as well as a fair amount of compliance in terms of reporting obligations. One area where a charity is subject to limitations is with respect to its ability to carry on a business. Certain registered charities, namely private foundations, are prohibited from carrying on any business, while others, namely public foundations and charitable organizations, are….
Welcome Expansion on Charities Investing in Limited Partnerships Continue Reading »
Canada Revenue Agency, Charitable Giving