Archive for the ‘Passing of trustees’ and executors’ accounts’ Category

DISPOSITION OF JOINT ACCOUNTS: THE LEGAL DOG WAGS THE TAX TAIL?

Wednesday, July 29th, 2015

In past blogs, my fellow contributors have written extensively about the legal and tax implications of joint accounts created primarily to avoid probate fees, but often leading to unintended consequences without the appropriate planning. Recently the Canada Revenue Agency (“CRA”) was asked to comment on the tax implications of the disposition ...

Inappropriate Guardian Compensation and Breach of Fiduciary Duty

Tuesday, July 7th, 2015

Nadia Osmulski needed a guardian. Her son Joe stepped in as court appointed guardian for property and personal care. Although Joe managed to ensure Nadia was taken care of, he made many decisions which were considered a breach of his fiduciary duty as guardian. While analyzing Joe’s conduct the court ...

Big Gifts Can Lead to Big Problems

Friday, July 3rd, 2015

Attorneys for property be warned – if you make large payments to yourself from the incapable person’s property, be prepared to justify and account for those gifts.  Failure to do so may result in lengthy litigation. Such was the case in The Bank of Nova Scotia Trust Company v James.  Mr. ...