Trustee

Total 148 Posts

When Business Agreements Masquerade as Trusts

•

Trusts are tricky – they can arise in circumstances where none of the parties involved ever use the word “trust.” There is good reason for this; often the settlor of the trust and the trustee are laypeople who can describe the type of relationship they wish to create, but are unaware of the legal terms to describe it. If a lawyer does become involved, she will likely set the terms….

When Business Agreements Masquerade as Trusts Continue Reading »

Trustee, Trusts

PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

•

We 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, Trustee

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

Does the Timing of their Father’s Death Disinherit Them?

•

In Royston et al v Alkerton et al, 2016 ONSC 2986 (CanLII) the estate trustees of Recia’s estate sought the court’s advice and direction to interpret her will. Recia had five children. Two of them, Alan and John, predeceased her. Alan had two children; John had none. Subsequent to Alan and John’s death, Recia made a will with the following provision: My Trustees shall divide the residue of my estate….

Does the Timing of their Father’s Death Disinherit Them? Continue Reading »

Estate Litigation, Trustee, Wills

PERSONAL TAX SYSTEM FOR SENIORS: A PERSPECTIVE FROM THE CRA

•

Last month, a fellow blogger Audrey Miller wrote on care expenses and services in general which may be eligible for a tax credit in one form or another. Co-incidentally the Canada Revenue Agency (“CRA”) was recently asked to comment on the tax system overall as it applies to seniors and gave some of their perspective. The taxpayer making the enquiry to the CRA was concerned about seniors who pay for….

PERSONAL TAX SYSTEM FOR SENIORS: A PERSPECTIVE FROM THE CRA Continue Reading »

Canada Revenue Agency, Costs, Disability, Elder Care, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Geriatric Care Management, Guardianship, In the News, Power of Attorney, Tax Issues, Trustee

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER

•

When an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..

ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trustee
Scroll to Top