Costs and Proportionality: Marcus v. Cochrane 2014 ONCA 207

Wednesday, March 26th, 2014

The Ontario Court of Appeal’s decision in Marcus v. Cochrane (released March 20, 2014) provides a clear statement of the court's willingness to take a hard look at the proportionality of costs awards, and reduce costs substantially, if necessary. The appeal arose out of a claim that Louise Marcus (“Marcus”) brought ...

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

Thursday, January 23rd, 2014

The Income Tax Act (“ITA”) requires persons and partnerships to file information returns in respect of foreign property ownership and transactions with non-residents. This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. ...

SPOUSAL TRUST INCOME DESIGNATIONS: A “BEWARE”

Tuesday, January 7th, 2014

A spousal trust, by definition is a trust that must pay or make payable all of its income to the spouse beneficiary on an annual basis. Nevertheless, there may be a good reason to have the income taxed in the spousal trust. The spouse beneficiary may have in a given year, ...