TRUSTEE AND BENEFICIARY – AN ARRANGED MARRIAGE?

Wednesday, June 3rd, 2015

In my last blog I spoke about the importance of parents engaging the next generation in the process of family legacy planning. Fundamental to the success of multi-generational legacy planning, is the ability to embrace transparency and mutual engagement as the guiding principles. Transparency and engagement in the process equally ...

Withholdings on Retiring Allowances

Thursday, May 7th, 2015

With the recently concluded round of personal tax filings I have seen a number of tax returns where the taxpayer has reported income from a retiring allowance. More often than not the employer has withheld tax on the withdrawal however the withheld tax isn't always enough to cover the ...

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 ...