All About Estates

Gowling WLG LLP

Total 7 Posts Website

Pay Your Taxes, or Your Widow(er) Might Have To

This blog has been written by Maddi Thomas, Associate at Gowling WLG (Canada) LLP Beneficiary designations are commonly used by individuals to allow registered retirement savings plans (“RRSP”) and other savings accounts to “pass outside of the estate”, i.e., be distributed or transferred outright to a surviving co-owner; or, in…

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Tax Considerations for Gifts of Art in Canada PART TWO

Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP This article forms part two of a two part series detailing the benefits and requirements of donating art for Canadian taxpayers to consider as part of their estate planning needs. Part one of this article series explored the benefits…

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Tax Considerations for Gifts of Art in Canada

Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP An increasing number of Canadian taxpayers are interested in giving pieces of art to charities or other qualified donees as part of their estate plans. Some of these Canadian taxpayers are choosing to make decisions to give…

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Taxable Preferred Shares – Some Potential Relief for Specified Amounts

Andrew Coates, Associate, Gowling WLG (Canada) LLP The potential tax implications of estate trustees finding themselves holding taxable preferred shares (“TPS“) owned by a deceased and the “substantial interest” exception for Part VI.1 tax was explored previously in the March 2, 2021 post, but TPS is a complicated subject so…

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What Makes an Indigenous Trust Unique?

What makes an Indigenous trust unique from other inter vivos trusts? Two factors in particular are worth noting: (1) the nature and involvement of the beneficiaries of the trust, and (2) the manner in which Indigenous entities as settlors can utilize the income attribution rule under s 75(2) and their tax-exempt status under s 149(1)(c) of the Income Tax Act.

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Trustees Holding Title to Real Property: It Used to be Simpler

Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion.

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Section 116 and Capital Distributions by Trust to Non-Resident

When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition.

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