Intestate Succession & Keeping Up With the Kardashians

Friday, May 8th, 2015

Peters Estate (Re) 2015 ABQB 168 CanLII is an Alberta decision that raises interesting issues about whether the intestacy rules can result in an injustice when applied to blended families. In 2013, Ileen Peters (“Ileen”) died without a will. Her husband, Lester Peters (“Lester”), pre-deceased her in 2009. Lester and Ileen ...

TESTAMENTARY TRUSTS REDUX

Wednesday, April 29th, 2015

The will of a deceased taxpayer created a testamentary trust for the exclusive benefit of his spouse within the meaning contained in the Income Tax Act (“ITA”) and provided for a trust to be created for a child of the deceased taxpayer (“Child Trust”) to hold the residue of the ...

DEEMED DISPOSITION OF A TRUST INTEREST

Friday, April 10th, 2015

The Canada Revenue Agency (“CRA") recently released a technical interpretation on the cost of assets transferred from a trust, which the deceased taxpayer was beneficiary of, to the taxpayer’s estate. In many cases, when a beneficiary of a trust dies, his or her interest in the trust ends. In the ...