POWERS OF ATTORNEY AND ALTER EGO TRUSTS

Tuesday, September 16th, 2014

My fellow bloggers and I have written in the past about the ins and outs of legitimate probate fee avoidance arrangements available to a testator. These arrangements include an intervivos transfer of assets such as alter-ego trusts. Care and advice must be taken to ensure that the transfer of assets ...

Better late than never…or not

Monday, September 8th, 2014

The Canada Revenue Agency recently wrote about a whether a late-filed election to retain the principal residence status will be accepted. When the use of a property that is a principal residence is changed from being owner-occupied to a rental property the CRA considers the owner to have sold and reacquired ...

PRICE ADJUSTMENT CLAUSES IN ESTATE PLAN AGREEMENTS

Thursday, August 28th, 2014

Many estate plans include a transfer of property (e.g. shares of a privately held corporation) to a company and freeze the value (or price) of the transferred property to the current owners at the transfer date. To avoid some punitive provisions in the Income Tax Act associated with non-arm’s ...