The Dutch House, by Ann Patchett, is an excellent read. However, for those in the estate planning profession, it is also a reflection on what goes wrong when insufficient or no estate planning occurs.
Category: Estate Administration
Total 304 Posts
Background – The Estate Freeze Transaction Fact Pattern In an estate freeze transaction involving one or more family corporations, certain common shares of such corporations are exchanged for fixed value preference shares that must be retractable and may be redeemable by the holder (“Preferred Shares”, as hereinafter further defined). The…
On March 16, 2020, the Superior Court of Ontario released its decision in Calmusky v Calmusky. In Calmusky, the Court applied the presumption of resulting trust to a RIF that was designated to a particular beneficiary. The beneficiary was unable to rebut the presumption, and the Court ordered that funds…
One of the duties of an estate trustee is to respond to litigation brought against the estate. The estate trustee is also the only person with the authority to start litigation on behalf of the estate. Because estates are not legal entities such as corporations, the party to the litigation…
Most know that you don’t have to be legally married to have a “spouse” for income tax purposes, although legal marriage will work. If you have been living with someone in a conjugal relationship for 12 months or more regardless of your sex at birth, you will be considered spouses…
This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management To paraphrase a popular song this time of year: He’s making a list He’s checking it twice He’s going to find out whose naughty or nice … Santa Claus is coming to town He knows…
This blog was written by Collia Barnaby After four years as a Financial Advisor, a role that I was very passionate about, in 2018 I made the transition, to work in the Estate and Trust Department. I would never have imagined how interesting this role can be and what a…
This blog was written by Paula Lester – Estate and Trust Consultant with Scotia Wealth Management No one can question that Eleena Murray, who passed away in May 2017 at the age of 99, had charitable intentions. On the other hand, exactly how charitable her intentions were is at the…
CRA will allow post-mortem pipeline transactions to continue, which will allow individuals to avoid double tax on disposition of certain assets.
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,…