All About Estates

Category: Investments

Total 84 Posts

Revocation of Wills

In the recent case of Sokalski Estate (Re), 2019 ABQB 285, the deceased left two wills one in 2011 and the other 2017, without expressly revoking the earlier one. The estate applied to the Court for a determination regarding which document or documents form the deceased Mr. Sokalski’s last will….

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A note on Crypto Currency

Wikipedia defines cryptocurrency (or crypto currency) as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central…

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Fiduciary Investing Series – Fun, fun, funds

This blog has been written by Robert Boyd, Director, Scotiatrust. Mutual Funds, Hedge Funds and Exchange Traded Funds (ETFs) are all well known to the general public and reasonably well understood investment vehicles, however there is a trust specific fund that has fallen out of favour in recent years, somewhat…

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Transferring Wealth During Your Lifetime

I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method…

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AGREEMENT RECTIFICATION APPLIED FOR AND ALLOWED!

Due in particular to the outcome of some recent court cases, many have feared that formal applications to rectify plans would receive a favorable hearing only in the event of obvious clerical errors in the documentation. However a recent court case in the Supreme Court of British Columbia demonstrated that…

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SHAREHOLDERS AGREEMENTS, EXIT PROVISIONS AND THE IMPACT OF CONTROL

Control is an important concept for applying certain income tax rules and valuation issues (amongst others) when dealing with corporations, with serious implications to current and future (and estate) planning scenarios. De jure control refers to legal control of a corporation, which requires a look at shareholdings. Control in fact,…

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The Life of Pipeline Transactions: The Beat Goes On

In the past few years, many associated with this blog have written about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Again, and briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing…

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FAMILY TRUSTS AND ALLOCATIONS OF PROCEEDS FROM SALE

Recently, I encountered a scenario where the trustees of a family trust were planning an allocation of proceeds from a share sale transaction to the beneficiaries of trust using the lifetime capital gains exemption but it appeared that the allocated amounts would physically end up in the hands of other…

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Is a Sale for $1 the Same as a Gift?

Most transactions between parties not at arm’s length with each other (often described as related parties, such as family members), the parties to the transaction are subject to a one-sided adjustment where the transaction proceeds does not equal fair market value (“FMV”). If the price exceeds FMV, then the cost…

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Significant Tax Re-Assessment Due to An Estate Valuation Gone Wrong

I have been writing about valuations for estate plan agreements, highlighting that they should be based on fair and reasonable methods, prepared in good faith, properly supported and documented at the time of valuation. In Lewin v. the Queen 2019 TCC 21, The Lewin Estate was appealing a significant tax…

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