Total 493 Posts
Where a will is drafted to create a testamentary spousal trust and the will provides that the final distribution date of the trust is three years after the death of the surviving spouse, would the trust be precluded from being a spousal trust.
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Delay in final distribution from spousal trust Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Tax Issues, WillsIn my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the exemption may or may not apply. As an executor or trustee, you may encounter these scenarios and it might be….
Principal Residence Exemption and some of the “What if’s” Continue Reading »
Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Joint Tenancy, Property, Real Estate, Tax Issues, Trustee, TrustsA Trust Company is the only legal entity that can act as a trustee by holding property in trust for such functions as executors, trustees, and administrators of estates and personal trusts…..
Will Drafting Ideas From a Different Perspective Continue Reading »
Estate Administration, Estate Planning, Executors, Trustee, WillsWe know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence for a taxation year is that it must be “owned” by the taxpayer. In common law jurisdictions, two forms of….
PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE Continue Reading »
Canada Revenue Agency, Capacity Law, Estate Administration, Estate Planning, Investments, Joint Tenancy, Liability, Property, Real Estate, Tax Issues, TrusteeThe Canada Revenue Agency (CRA) recently ruled in respect of a post-mortem “pipeline” transaction involving a private corporation whereby the children of that last-to-die parent received valuable shares of a private corporation where the deceased had reported a deemed disposition gain on their final income tax return.
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Post Mortem Pipeline Planning – Good Things Come to Those Who Wait Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Tax IssuesYou have an emotional connection to your late grandfather’s cottage. Your mother and your grandfather’s estate trustees hate each other. You don’t think that they will treat you fairly if you want to buy the cottage. Is this sufficient reason to remove the estate trustees? The Ontario Superior Court of Justice’s answer is “No”. In Woolnaugh v Dare et al, 2016 ONSC 4013, one of the testator’s grandchildren applied to court to remove….
Feelings not enough in cottage fight Continue Reading »
Cottage, Estate Administration, Estate Litigation