All About Estates

Month: November 2016

Total 19 Posts

Estate Donations & Non-Qualifying Securities

Since the announcement of the “estate donation” rules in the 2014 Federal Budget, there have been a number of amendments that have addressed sector concerns and drafting errors.   One unintended consequence in the original estate donation provisions relates to gifts of private company shares. At the June 2015 STEP conference…

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Tax Deferral Opportunity for CCPC Business Sales is Closing Soon

The March 22, 2016 federal budget included a measure to merge the eligible capital property (“ECP”) tax regime under the Income Tax Act (“ITA”) with the ITA’s depreciable property rules. Eligible capital property includes goodwill and certain other intangibles that were not previously included as depreciable property. For the most part these changes are benign, including that the overall tax amortization/depreciation rate is similar, and these changes represent a degree of tax simplification. The budget measure applies after 2016.

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Cracked: New Light on Dementia

A play that speaks louder than words.   I had the pleasure of watching an “innovative research-based theatre production that raises important questions about the dominant ‘tragic’ ways persons with dementia are understood and treated in our society.” Based on research by health researchers, Dr. Sherry Dupuis and team highlight the…

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Trust distribution of Property

The Canada Revenue Agency (CRA) was asked if a distribution of certain property to beneficiaries is a taxable event, when an attribution rule (triggered by a beneficiary who contributed the property to the trust) ceases to exist?

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Tomorrow is Election Day in the U.S.

No matter who wins the election, any changes to the U.S. Estate tax system won’t likely happen right away but one thing is certain, this election has being very taxing on everyone.

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Testamentary Trusts – Are they Dead?

Dating back to the 12th century when the English court of equity created the concept of the “use”, which in modern day is known as the “trust”, trusts have been an important tool in estate planning for both tax and non-tax reasons. Prior to January 1, 2016, testamentary trusts had enhanced tax benefits for purposes of incorporating into an estate plan. Effective January 1, 2016, changes to the Income Tax Act (the “ITA”) eliminated one of these enhanced tax benefits that testamentary trusts offered, leading practitioners to ask whether testamentary trusts continue to serve a purpose in a individual’s estate plan.

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Caring for Caregivers- Survey Says……..

The government is consulting with Canadians on “providing more inclusive caregiving benefits for Canadians who provide care to a family member.” It is time to speak up or at least take the survey.

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University’s Decision on Spending $4 Million Bequest from Frugal Donor is Controversial, Fully Permissible

University of New Hampshire library cataloger and alumnus Robert Morin died in 2015 at the age of 77. Morin, known for his thrifty lifestyle, spent little on food or clothes, and drove a 1992 Plymouth until his death. His will bequeathed a $4 million fortune to his employer, with the…

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While we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you…

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