All About Estates

Tag: estate & trust

Total 154 Posts

Probate Forms are Changing…Again

Today’s blog was written by Yvonne Mazurak, Associate, at Fasken LLP As my colleagues, Sandra Arsenault and Betty Laidlaw, have both described in posts earlier this year, Ontario Regulation 709/21 introduced significant changes to the probate procedure. Among the changes, which came into effect on January 1, 2022, was the…

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Has a Contingent Beneficiary Asked for an Accounting?

An estate trustee does not have an obligation to provide a contingent beneficiary with an accounting; nonetheless, some form of accounting is generally done at the request of a contingent beneficiary. If accounts are not provided, a contingent beneficiary may bring an application to compel an estate trustee to pass…

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Goodbye My Furry Friend

  This blog has been written by Sandra Arsenault, Law Clerk at Fasken LLP With more people working from home and less activities available for children, it is no surprise that there has been a COVID pet boom as many families have added a new member to their household during…

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Reflections …. And Resolutions

As the calendar flips into 2022, I am sure many of us will be thinking – where did 2021 go? Without an active social life to distract me, why are my own affairs not in order? And, of course, what are my New Year’s resolutions for 2022? The end of…

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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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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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Surprise…More Big Changes Coming to Estate Administration

Today’s blog was written by Sandra Arsenault, Law Clerk at Fasken LLP “Change is the only constant” – Heraclitus. How is it possible that in one of the most traditional areas of law we are about to see even more big changes come into effect? Just as we get used…

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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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Applying for a trust account number?

The Canada Revenue Agency (CRA) was recently asked to provide an update regarding the new online application process for a trust account number. In my capacity as an advisor, I ask clients to make tax payments if an only if there is an account number assigned to the taxpayer responsible…

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