All About Estates

Tag: CW LLP

Total 39 Posts

Estate Trustees and Costs of Litigation: Try not to take it personally?

In the work I do, I am asked to provide expert testimony to support litigation. In some cases, I am often quite surprised to what extent parties will continue to litigate matters that appear to be “no-wins” or for small dollar amounts. Depending on the circumstances, parties have taken the…

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TFSA’s and Residency

Recently, 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 can make withdrawals….

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Life Insurance and Contingent Ownership

Ownership of assets into ‘joint tenancy with right of survivorship” is a mechanism of ownership transfer commonly used for estate planning to address such issues as probate fee and tax avoidance. Recently, this blog site very capably addressed the issues surrounding “joint tenancy” of life insurance in particular (“Life Insurance…

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Gift of securities by executors of a will (continued)

The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual.  The information that follows is based on a revised set of facts The taxpayer died in 2016.  His Will named his three sons as equal…

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A Gift is a Gift

We often write about the benefits (and some pitfalls) of gifting, before and after death. Personally, when I recommend gifting, I assume that unless there are specific outcomes required to realize on the gift, a gift is exactly that, a gift – something transferred voluntarily without expectation of getting it…

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SHAREHOLDER REMUNERATION PLANNING

Business owners-managers put money in and take money out on a regular basis during the year, and at the same time often use the business bank account for what may appear to be personal expenditures. This often leads to shareholder advance balances at year end and some major bookkeeping challenges…

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55(2) and Pipeline Planning

The Canada Revenue Agency (CRA) was asked to comment on the application of subsection 55(2) of the Income Tax Act to a hypothetical pipeline plan implemented on or after the date of death.  Their answer was both comforting and not surprising. When engaged, subsection 55(2) has the effect of converting…

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Individual Pension Plans Revisited

A fellow blogger wrote very eloquently late last week about succession planning for family owned businesses. Regrettably, as she noted the statistics for the successful transfer of family businesses are not very good. With the introduction of the new tax proposals, the challenge for a successful transfer of business to…

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Private Company Tax Proposals

October 2, 2017 saw the end of the 75 day consultation period offered by the Department of Finance.  The public response to the proposed rule changes was significant with the general public, industry bodies and professional advisors all weighing in on the measures.  So, what now? At a conference organized by…

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Transfer of corporate-owned life insurance

It is not uncommon to see corporate owned life insurance transferred to a shareholder particularly when the company is being sold. The Canada Revenue Agency (CRA) was asked to comment on a set of facts and their response was no surprise given the relatively new rules in this area of…

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