A recent article in the press reminded me of a trend in estate planning which appears to be taking more favor in recent times. It is not very complicated, can lead to considerable tax savings and other benefits while you are with the living. I am referring to the gifting…
Category: Charitable Giving
Total 79 Posts
The Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a…
This Blog was written by: Robert Boyd To anyone who may have a pang of guilt when approaching the counter at an airport duty free with a bottle under each arm, there was no need, you were indirectly contributing to global education and medical research. Chuck Feeney grew up in…
Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at…
Canadians are charitable people. According to Statistics Canada, 82% of Canadians made a financial donation to a charitable or non-profit organization in 2013 (the latest year statistics are available). The amount given by donors increased from an annual average of $469 in 2004 to $531 in 2013. The most generous…
I have a friend who inherited 1 million dollars from a distant uncle. Sounds like a healthy inter generational wealth transfer occurred. She has no children. She does not worry about whether she will be leaving an inheritance. Instead, she enjoyed a trip around the world and is keeping money aside for her golden years….
Charities face a bizarre challenge when administering gifts by will. It should be simple. After the donor’s death, a charity named as a recipient of an estate donation becomes the beneficiary of a trust. The money is owed to the charity and the interest in the trust is legally enforceable. …
Family charitable foundations are often equally about the family working together as they are about charity. While the purpose of a foundation must be exclusively charitable, the founders’ hope is that future generations of family will have a place to work together and act on their values. But how,…
Registered charities have always been subject to limitations on what activities they can carry on, as well as a fair amount of compliance in terms of reporting obligations. One area where a charity is subject to limitations is with respect to its ability to carry on a business. Certain registered…
Fine art is an asset class that has been growing in importance among the affluent and is beginning to be a significant part of certain estate plans. One estimate pegged the international art market at €51 billion in 2014, and Canada has seen record prices at auction. Many collectors are…