Total 148 Posts
There may be instances where a beneficiary has an immediate need to access funds held in trust yet, the terms of the trust prevent the trustees from proceeding with an income or capital distribution to such beneficiary. In such a situation, if the deed of trust grants the right to the trustees to make a loan, it may be appropriate for the trustees to consider lending an amount to the….
Trust Lending to a Beneficiary Continue Reading »
Loans, Trustee, TrustsEarlier this week, our group gathered to celebrate our colleague’s impending arrival of a new baby. It was a delightful occasion, with cake, presents, and well-wishes. Of course, conversation naturally turned to the preparations that our team member has made for her new addition. Parents-to-be typically spend a lot of time (and money) preparing for the arrival of a child. They furnish a nursery, fill the freezer with casseroles, test-drive….
New Arrival, New Will Continue Reading »
Estate Planning, Guardianship, Trustee, Trusts, WillsHappy 2024 everyone! The start of a new year is often the impetus for individuals to revisit their estate plan.[1] While this is a worthwhile exercise, it’s important to remember that there are several other key moments that may occur at any point during a given year that should give rise to a review of an estate plan. These events or change in circumstance may not necessarily warrant a new….
New Year, New Will – and Other Important Moments to Revisit Planning Continue Reading »
Estate Planning, Executors, Guardianship, Spouse, Trustee, Wills
When a non-resident of Canada generates rental income from a Canadian rental property, the tenant (or agent for the non-resident) must withhold 25% of the gross rental payment (unless a tax treaty reduces the withholding rate) and remit it to the Canada Revenue Agency by the prescribed date. It’s important to note that no deductions nor credits are permitted thus, the withholding is on the full rental payment. Rental Income….
Non-Resident and Rental Income – Not so Fast. Continue Reading »
Estate Planning, Real Estate, Tax Issues, Trustee
Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion…..
Trustees Holding Title to Real Property: It Used to be Simpler Continue Reading »
Cottage, Estate Planning, Fiduciary Professions, Joint Tenancy, Property, Real Estate, Succession Planning, Trustee, Trusts
When trustees distribute income of a trust to a non-resident beneficiary, they must be mindful of potential Canadian tax implications. Part XIII tax is a tax withheld at source when income is paid to a non-resident. For Canadian trust and estate purposes, Part XIII requires a non-resident beneficiary to pay tax on certain amounts that a Canadian trust or estate pays or credits (or is deemed to pay or credit)….
Non-Resident Beneficiary and Part XIII Withholding Tax – Trustee Beware Continue Reading »
Tax Issues, Trustee, Trusts