TRUSTS – A REBIRTH?

Wednesday, December 17th, 2014

The construct of a “trust” has its beginnings in equitable principles developed many centuries ago. Since the creation of this construct, the separation of legal and beneficial enjoyment of property has provided a means to plan one’s property and financial affairs, in a manner that also provided tax benefits. Similarly, ...

Whose asset is it – the question of “title”?

Wednesday, December 10th, 2014

The Canada Revenue Agency (CRA) was recently asked for their comments with respect to a change in legal ownership of property for income tax purposes in a situation where a person held legal title to property and their former spouse had beneficial ownership as a result of the settlement rights ...

Can You Give a Cottage Back?

Wednesday, December 3rd, 2014

It is common to find a provision in a will which allows the estate trustee to distribute assets in specie – meaning instead of selling all the estate assets and dividing the proceeds between the beneficiaries, the estate trustee may transfer the assets directly to the beneficiaries as payment in ...