All About Estates

Month: August 2016

Total 22 Posts

Despite a Messy Fight Over a Billionaire’s Capacity, Succession Planning Still Essential

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…

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Determining the CAPITAL DIVIDEND ACCOUNT BALANCE: no longer a shot in the dark?

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…

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SECTION 13 APPLICATIONS

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…

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