All About Estates

Tag: Trusts

Total 82 Posts

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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Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of…

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FAMILY TRUSTS AND DISTRIBUTIONS OF CAPITAL GAINS

Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction. However, the beneficiaries of…

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Look Out: The New Trust Reporting Rules Are Almost Here

As we head in to the Fall of 2020, we are quickly approaching the new trust reporting requirements. The new trust reporting rules come into effect with taxation years ending after Dec. 30, 2021. As a reminder to administrators, if a trust continues to be in place past Dec. 31,…

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Of Love, Resulting Trusts, Matrimonial Homes and Fenelon Falls

The gratuitous transfer of property from a parent to an adult, capable child may result in a resulting trust.

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Estate Planning for the Family Cottage

Much has been written in this blog space and many others on this topic. Several times a year (in some years more often than others), we are asked in our practice about to advise on succession or estate planning issues for the family cottage. I was recently alerted to a…

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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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WHAT ABOUT A CORPORATE EXECUTOR?

A lot has been written about how should choose an executor, and some of it in this blog place. A couple of years ago, fellow boggler Emily Hubling wrote eloquently about the risk and rewards of appointing a professional advisor as executor. I would like to revisit some of the…

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Clients’ Reign And The Associated Difficulties In Drafting Their Inter Vivos Trusts

Imagine being retained to draft an inter vivos trust for the queen, Cersei Lannister, of Game of Thrones.  Cercei is a protective mother dedicated to maintaining power for herself and her family, which dedication includes succession planning for her power and wealth.  Cercei’s instructions may include drafting the trust so…

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Locating Unknown or Missing Heirs to an Estate

How should an estate trustee proceed when they cannot identify or locate all of the heirs to an estate? In some cases, a challenge arises where a will does not identify the beneficiaries by name, but by class or some other description. For example, a will may leave the residue…

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