All About Estates

Category: Charitable Giving

Total 27 Posts

You can’t wear two pairs of shoes at a time

This Blog was written by: Robert Boyd To anyone who may have a pang of guilt when approaching the counter at an airport duty free with a bottle under each arm, there was no need, you were indirectly contributing to global education and medical research. Chuck Feeney grew up in…

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CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

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…

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Must an estate pay for a charitable pledge by the deceased?

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…

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‘Baby boomers under 75 set to inherit $750 B in next decade’- CIBC

I 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….

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Are Charities Second-Class Beneficiaries?

Charities 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.  …

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Strangers in Family Foundations

Family 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,…

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Welcome Expansion on Charities Investing in Limited Partnerships

Registered 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…

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Estate Donations of Art

Fine art is an asset class that has been growing in importance among the affluent and is beginning to be a significant part of certain estate plans.   One estimate pegged the international art market at €51 billion in 2014, and Canada has seen record prices at auction.   Many collectors are…

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Charitable Donations by Graduated Rate Estates – Substituted Property

The new Canadian tax rules concerning charitable donations of graduated rate estates restrict those donations to gifts of properties acquired by an estate as a result of the death of an individual or of properties substituted for those properties.

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INCOME DISTRIBUTIONS AND CHARITABLE GIVING AND THE NEW PERSONAL TAX RATES

If you are like most individuals at this time of the year, you probably don’t give too much thought to your taxes and perhaps putting it off until the filing deadline for tax returns approaches being in the spring of each year for most. For those who are beneficiaries of…

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