There may be instances where a beneficiary has an immediate need to access funds held in trust yet, the terms of the trust prevent the trustees from proceeding with an income or capital distribution to such beneficiary. In such a situation, if the deed of trust grants the right to…
This blog has been written by Darren Lund, a partner at Fasken LLP In Ontario, trust law and family law have for some time taken very different approaches to valuing the interest of a beneficiary in a discretionary family trust. For trust lawyers, a beneficiary’s interest in a discretionary family…
Earlier this week, our group gathered to celebrate our colleague’s impending arrival of a new baby. It was a delightful occasion, with cake, presents, and well-wishes. Of course, conversation naturally turned to the preparations that our team member has made for her new addition. Parents-to-be typically spend a lot of…
Andrew Coates, Associate, Gowling WLG (Canada) LLP Today was supposed to be the due date for untold numbers of T3 returns and Schedule 15s for trusts known as “bare” trusts in existence on December 30, 2023. Not only was it going to be the first year that the Canada Revenue…
Corporately-owned life insurance is viewed as a key strategic option in tax and estate planning, notably for business owners. There are several strategic reasons to consider corporately-owned insurance as part of the estate plan, such as equalization among the beneficiaries of their estate or to fund the taxes triggered on…
Kira Domratchev, Associate Gowling WLG (Canada) LLP I recently came across an interesting decision of the Ontario Superior Court of Justice where the Court used the doctrine of a resulting trust to reach an outcome on a series of events that left a creditor unable to collect an outstanding costs…
Who is the settlor? A simple question but many take the answer for granted; essentially, the Deed of Trust indicates the settlor and a paragraph confirms the settlor’s intention and defines the settled property. A trust is established only upon the settlor expressing his or her wishes to create a…
There are a few occasions when you want someone who is not you to have as much money as possible. The first situation is when you are a beneficiary of their estate. The second situation is when you seeking an equalization payment under the Family Law Act. In both situations,…
What makes an Indigenous trust unique from other inter vivos trusts? Two factors in particular are worth noting: (1) the nature and involvement of the beneficiaries of the trust, and (2) the manner in which Indigenous entities as settlors can utilize the income attribution rule under s 75(2) and their tax-exempt status under s 149(1)(c) of the Income Tax Act.
Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion.
