This blog is brought to you by Fatima Husnain, Student-at-Law, at Fasken With the end of the year approaching, it is now a good time to ensure that your affairs are in order. We know this is a busy time of the year, but these few items can help protect…
The title of this blog may provoke laughter, or perhaps, just head-shaking disbelief. But estate donations to various levels of government do happen. The trick is to ensure that the donor’s intentions are carried out. The Crown – i.e. federal and provincial governments – and Canadian municipalities are qualified donees…
An estate trustee was successful in litigation in upholding the will. However, due to her conduct before and during the litigation the court nevertheless ordered that she personally bear half of her costs in Bayford v. Boese, 2019 ONSC 6919. The estate trustee (a friend of the deceased) sought to…
A recently released letter from the Department of Finance to the Joint Committee on Taxation recommends changes to enacted tax rules that would provide relief from Canadian withholding tax on estate distributions to non-resident beneficiaries of a graduated rate estate. Budget 2018 included a widened surplus stripping rule applicable to…
This was the frantic call I received from a daughter this past Friday. The hospital was discharging her 90 year old mother but had omitted to confirm that services and follow up medical appointments were in place. Now in many cases, this might not be a problem- depending on the…
In 2016, the federal government introduced changes to the definition of “principal residence” in the Income Tax Act (Canada). The changes significantly restricted the types of personal trusts that are eligible to claim the principal residence exemption (“PRE”). As a result of the changes, only three categories of personal trusts…
This blog was written by Veronique Thomas-Ewen, Associate Estate and Trust Consultant with Scotia Wealth Management In a carefully planned will, the testator names the spouse as the executor, leaves the family residence and residue to that spouse, but directs the family cottage be held in trust. The spouse has…
In Trower v. the Queen, 2019 TCC 77, the Company was privately held by the taxpayer and her spouse (49% and 51% respectively) until the taxpayer ceased to be shareholder in the Fall of 2016, pursuant to a separation agreement between the spouses. The company prepared and filed a T5…
This past weekend was the American Thanksgiving. In Canada we knew it was their Thanksgiving because advertising for Black Friday sales was everywhere. First it was on Friday, then it included Saturday and Sunday and now we have Cyber Monday. What a concept! While I tried not to be taken…