All About Estates

Category: Trusts

Total 79 Posts

TFSA’s and Residency

Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals….

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Creation of a Testamentary Trust for Purposes of the 21-Year Deemed Disposition Rule

Last week I was fortunate to be able to attend STEP Canada’s 20th National Conference, along with 780 other trust and estate practitioners.  This was my third consecutive year attending the Conference, and yet again, it did not disappoint.  Individuals from not only across Canada but also around the world…

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A literary time capsule

Author: Elizabeth Bozek, LLB, Estate and Trust Consultant, Scotia Wealth Management. I recently attended the Young Women in Law’s 8th Annual Charity Gala  where Margaret Atwood was the keynote speaker. Her talk was equal parts funny, touching, topical and eloquent.  Inspired to look into what else Ms. Atwood is up…

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TRUST REPORTING: NEW REQUIREMENTS COMING SOON!

Under the current rules, a trust only needs to file an annual tax return but generally does not need to file the return if it does not earn an income or make any distributions in the year. (Notwithstanding that the Canada Revenue Agency has increased its demand for “nil returns”…

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Supreme Court likely to leave Henson Trusts alone

A month from now, the Supreme Court of Canada will hear a case that may provide some guidance on the issue of what interest a beneficiary of a discretionary trust has in that trust. The high court has granted leave to appeal in the case of S.A. v. Metro Vancouver…

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To vary or not to vary

The Canada Revenue Agency recently responded to a ruling request as to whether or not a proposed amendment to a trust agreement could be so significant to cause a resettlement of the trust, or a disposition of a beneficiary’s interest in the trust Before the enactment of variation of trusts…

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Trust Allocations and Gifts to Family Members

A common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the…

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The Principal Residence Exemption and Qualified Disability Trusts

I previously blogged about changes that could be made to the current qualified disability trust (“QDT”) rules to make them more flexible. In that blog I briefly referred to changes to the principal residence exemption that limit the types of personal trusts that can use the exemption, one of which…

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Henson Trusts Revisited

In January, the British Columbia Court of Appeal released its decision in S.A. v. Metro Vancouver Housing Corporation (“S.A.”), 2017 BCCA 2, dismissing the appeal of S.A., who was the original Petitioner. In its reasons, the B.C. Court of Appeal includes a discussion of trusts commonly referred to as “Henson…

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Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not…

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