Archive for the ‘Trusts’ Category

What Happens to the Residue of a Trust when a Gift Over Fails?

Tuesday, February 17th, 2015

In a recent Ontario case, the Applicant, a beneficiary of a testamentary trust, sought an order declaring that the gift over of the trust was voided for uncertainty.  He also sought an order that the entire trust be paid out to him immediately.  The estate trustee took the position that ...

The Substantial Presence Test

Friday, February 13th, 2015

In the administration of an estate, you may need to determine if the deceased who was a frequent traveller to the U.S. was in fact a U.S. resident, therefore required to make US income tax filings. An individual is considered to be a U.S. resident for any calendar year in which ...

Costs of making a voluntary disclosure

Friday, February 6th, 2015

I have written in previsous blogs about the availability of the Canada Revenue Agency (CRA) voluntary disclosure program (VDP) wherein taxpayer(s) who have fallen behind in their filing obligations may get caught up without suffering the tax penalties that are often triggered when a balance of tax is due with ...