Over the past year, the saga of billionaire Sumner Redstone’s estate and capacity fight has continued to play out in the United States. Redstone, an American media magnate, was the subject of a lawsuit brought by Manuela Herzer, a former girlfriend. Herzer alleged that the CBS Corporation and Viacom owner…
The Canada Revenue Agency (CRA) was asked in a technical interpretation if a reversionary trust that holds non-income producing property required to file a T3 Return.
A typical estate administration can take between 12-18 months and can consume hundreds of hours depending on the complication involved
During the June 10, 2016 Toronto STEP Conference Roundtable, the CRA was asked to provide its views on paragraph 8 of IT-3054, which states: Once a trust qualifies as a spouse trust under the terms of subsection 70(6), it remains a spouse trust and is subject to the provisions affecting…
Knowing who to call and getting the correct information is paramount- at any time. Obtaining assistance is especially critical for those worried about elder abuse.
What made 1993 a memorable year? Justice Howard addressed that question in the opening seven paragraphs of his decision in Meriano v Benoot, 2016 ONSC 4839. Bill Clinton, Sir John Major, Kim Campbell and Jean Chretien all took office. Czechoslovakia separate into the Czech Republic and Slovakia. Prince changed his name…
The capital dividend account (“CDA”) is a tax free surplus account within a private corporation which gives shareholders designated capital dividends, tax-free. The CDA typically contains the non-taxable portion of the company’s capital gains net of capital losses, capital gains received by other companies, proceeds of life insurance on death…
Deaccession. It’s a word that brings chills to donors and would-be donors of art to public galleries. The ingratitude. The betrayal. How can they sell my gift, my art?! To deaccession is, in conventional curatorial thinking, to break trust with donors. It chases them away. In the spirit of pragmatism,…
Section 13 of the Charities Accounting Act, R.S.O. 1990, c. C.10, as amended (“CAA”), is a useful tool for both estates and charities practitioners alike. The section provides that certain draft orders or judgments that could have been made by the Superior Court of Justice will be deemed to be…
A few weeks ago, I had a client go missing. He walked out of his house early one morning while his wife was still sleeping. He was found 24 hours later, having walked for miles. There are more and more stories of seniors who walk out of their homes and…
