All About Estates

Category: Liability

Total 31 Posts

Avoid Becoming Part of a Statistic

LawPro recently released its report concerning Wills and estates malpractice claims as of the end of 2022.  As we approach the busy year end, I thought it would be helpful to remind practitioners of the most common errors and some risk management tips in that regard. Interestingly (and perhaps somewhat…

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Evidence of Contempt – More than Hearsay

If alleging contempt, more than hearsay evidence is required.

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The Importance of Fiduciary Duties

The Oxford Dictionary defines a fiduciary as a person in a position of trust, especially when it involves controlling money or property belonging to others. The law places particular emphasis on the trust relationship between a trustee and a third-party beneficiary. Among other duties, a fiduciary is required to: (1)…

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Inheritance and Tax

There is renewed discussion on whether Canada will become another jurisdiction where specific gift or estate taxes will be imposed on inheritances. There is speculation that the discussion will lead to something concrete as early as next week’s Federal Budget. In the meantime, there are situations where inheritances can come…

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TFSA’s and Non Resident Penalties – An Update

A couple years ago, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you…

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Extended tax payment deadlines and interest relief on tax debt

Further tax payment deadline extensions and interest relief on tax debt are on offer by the Canada Revenue Agency (CRA) during the COVID-19 pandemic. As announced on July 27, 2020, trusts now have until September 30, 2020, to pay income tax balances and instalments that would have otherwise been due…

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Someone else’s tax bill – Sometimes there is no getting away from it!

In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as…

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Secret Trusts

Secret and trusts are essentially trust arrangements made between a testator and a trustee, without written disclosure or agreement of the terms of the arrangement, but where an understanding exists between the parties. Based on precedent in case law, the essential elements of a secret trust are: • An intent…

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Costs and the Estate’s Losses

Some losses suffered by the estate due to litigation cannot be recovered.

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Fiduciary Investing Series – How to avoid compounding liability in trust accounts

This blog has been written by Robert Boyd, Director, Scotiatrust. The blog is the first in a series focusing on Fiduciary Investing that will cover a range of practical topics. When one approaches the topic of fiduciary record keeping, there is room for forgiveness for those who tune out (or…

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