All About Estates

Tag: estate planning

Total 259 Posts

Software Applications as Aids to the Estates Advisor

Software Applications as Aids to the Estates Advisor For all of us advisors, there are likely certain types of software applications that we use for our day-to-day tasks: perhaps its Microsoft Outlook for sending emails, or a timekeeping software for recording dockets. And although these programs are leaps and bounds…

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Think about your Estate Plan before you travel…

Today’s blog was written by Courtney Lanthier, Law Clerk at Fasken LLP With winter sneaking up on us (rather quickly, I might add) and the travel bans slowly being lifted, we’re bound to get an influx of calls and e-mails from clients wanting to update their estate plans or check…

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Stripping Assets Out of Corporations; Will Drafting Considerations

Imagine you have an interest in a privately held corporation, which corporation’s underlying assets include a valuable art collection. Perhaps on your death you would like the art collection, or certain pieces, to be given to your closest friend, with the remaining assets (represented by the shares in the corporation)…

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Assessing Drake’s Estate Planning Needs

As a Toronto native, I couldn’t help but listen to rapper Drake’s highly-anticipated new album Certified Lover Boy, which he released just a few weeks ago. In fact, it has been enjoying record-breaking streaming numbers from music fans around the world, amassing a staggering 153 million global Spotify streams in…

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INSURANCE TRACKING SHARES

If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the…

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CRA issues favourable ruling on post-mortem pipelines

The Canada Revenue Agency (CRA) has been asked on numerous occasions to weigh in on whether specific post-mortem planning implemented by taxpayers to avoid double taxation would result in a deemed dividend. In a recent ruling, the CRA concluded that it would not apply either specific tax rules or the…

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Charitable remainder trusts: what are they and when are they useful?

A charitable remainder trust (CRT), although not widely used in Canada, can be a useful charitable giving tool that generates an immediate tax credit for the donor. In an inter vivos context, an individual establishes an alter ego trust and transfers property to the trust on a tax-deferred basis. The trust holds…

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AMENDING TAX ELECTIONS AFTER THE FACT

The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible…

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More Tech Companies Are Implementing Digital Legacy Planning

When it comes to estate planning for one’s digital assets, it is now no secret that, depending on the organization(s) involved, options can be limited. This is particularly the case for online accounts. A few years ago, Fasken published a bulletin titled “Estate Planning and Online Accounts”. This bulletin examined…

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Bill C-208: The saga continues…

On June 29, 2021, the Private Member’s Bill C-208, regarding the transfer of small businesses and family farm or fishing corporations (the Bill), received Royal Assent. The Bill limits the application of section 84.1 on inter-generational business sales. Avoiding section 84.1 allows the vendor to receive capital gains treatment on a non-arm’s…

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