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 ...

Redeemable Preference Shares: Accounting Proposal might complicate estate tax plans

Tuesday, December 2nd, 2014

Estate and succession planning arrangements often involve the creation of redeemable and retractable preference shares to “freeze” the value of a business to permit the transfer of the business’ future growth to designated successors. This is commonly found in estate planning arrangements for family owned businesses but it is also ...