Trusts

Total 212 Posts

Charitable Gifts from Alter Ego Trusts

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In Canada we do not have an estate tax. Rather, when an individual dies the individual is deemed to have disposed of his or her capital property immediately before death at fair market value. The deemed disposition triggers the realization of any accrued but unrealized capital gains. As a result, the income tax liability in the year of death may be higher, sometimes significantly higher, than in prior years. One….

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Trusts

Resulting Trusts and Summary Judgment Motions

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With its sandy beaches, hiking trails, canoe routes, and wildlife, the Town of Wasaga Beach is a well-loved Ontario vacation destination. However, no town, however idyllic, is immune to lengthy property disputes, especially when the two people fighting are related to each other. Brother A and Brother B were at odds with each other over the beneficial ownership of a house in Wasaga Beach. Brother A was on title to….

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Compensation, Cottage, Family Conflict, Loans, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trustee Compensation, Trusts

DEEMED TRUST: TAX DEBTS AND PROCEEDS OF INSURANCE

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In Canada (A.G.) v Nortip Development 2019 NLCA 34, a company fell behind in remitting payroll withholdings and related amounts for several periods over a two-year period to the Canada Revenue Agency (“CRA”). Around the same time, a property with a mortgage owned by the same company, was destroyed by fire. A portion of proceeds of insurance on that property (equal to the amount owed to the CRA) were claimed….

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Canada Revenue Agency, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized

Trusts and Trust Resettlements – Variations and Circumstances

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Variation(s) of a trust agreement, after it is settled, does carry the risk of causing a resettlement of a trust or a disposition of a beneficiary’s interest in the trust, with serious tax consequences. But not all variations lead to resettlement, fortunately. Recently in an advance ruling, the Canada revenue Agency (“CRA”) was asked to consider whether a trustee seeking to amend a trust agreement for the appointment of the….

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Canada Revenue Agency, Disability, Estate Administration, Executors, Guardianship, Spouse, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Tenancy and Equitable Ownership – You Can Have it All!

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Can you be a tenant and an equitable owner of a property? Absolutely! Read how you can have it all in Warraich v Choudhry et al, 2019 ONSC 2656. In March 2012, Choudhry purchased a property for $519,000.00. In April 2012, Warraich, one of Choudhry’s friends, moved into the property with his family. As sometimes happens, the friendship broke down. When he was asked to move out, Warraich commenced an….

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Joint Tenancy, Property, Real Estate, Resulting Trust, Small Business, Trusts

Estate Planning, Trusts, and Family Law

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Inter vivos trusts are often used in the estate planning process to manage and preserve family wealth across generations. Within that broad framework, such trusts are used for a variety of reasons. Parents or grandparents may want to establish a vehicle for funding the education costs of future generations. A parent may be concerned about a fraudster taking advantage of an adult child with diminished mental capacity. A business owner….

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Estate Planning, Trusts
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