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It is common for someone writing a will to appoint as their executor a family member or friend.

Anyone with a will that creates a spousal trust, therefore, is strongly advised to review it, and the reasons for it, to make sure that it does not create new, unanticipated and unintended implications.

You've built a business plan for success. Now, it's time to build an estate plan for succession.

People who receive funds from someone whom they know, or reasonably ought to have known, obtained the funds through a breach of trust may be liable to return the funds...

On September 20, 2020, the Land Owner Transparency Act, commonly known in the real estate industry as LOTA, was brought into force by the Province through an Order in Council, fulfilling the...

On October 3, 2016, Federal Finance Minister Bill Morneau announced changes which will affect trusts and non-residents owning residential property in an effort to ensure "housing markets are stable and functioning efficiently."

On November 3rd, 2022, the Fall Economic Statement 2022, tabled in Parliament, confirmed that the enhanced tax reporting obligations for trusts shall apply to taxation years ending after December 30th, 2023.

As part of draft legislation released on July 27, 2018, the Department of Finance moved forward with new trust reporting rules that were announced in the 2018 Federal budget.

The federal government has finalized revised reporting rules for bare trusts, significantly narrowing the original requirements. While bare trusts are generally exempt from filing for 2023-2025, certain arrangements involving separated legal and beneficial ownership will face new filing obligations starting with the 2026 taxation year, with specific exemptions for family trusts, joint ownership arrangements, and principal residences.

The Canadian Revenue Agency (CRA) has recently announced that bare trusts are not required to file T3 returns and Schedule 15 for the 2024 tax year, extending from a similar exemption for the 2023 tax year.

Proposed amendments to the Income Tax Act (ITA)will ease the administrative burdens of executors and trustees. It is important to understand these changes as they change the tax obligations of executors and trustees.

Canadian who own specified foreign property with a combined cost amount of at least $100,000 in a tax year is required to file a T1135 information return with his or her tax return which provides information about their foreign specified property.

The exposure of an alleged Ponzi scheme that deprived investors of over $80 million has helped clarify how trust funds deposited in a single bank account should be distributed to their beneficiaries.

People create trusts for many reasons, including for estate planning purposes, business succession planning, charitable giving and other purposes.

When an individual dies, many issues can arise in the administration of their estate. This is true no matter the nature of their assets, their net worth, or their personal situation.

Estate planning can be an overwhelming process. With so many options and so much information available, it can be difficult to know where to start.

Most Ontario business owners do not have a proper succession or estate plan in place. Succession planning often takes a back seat to the more pressing day-to-day matters of running the company, managing staff and keeping customers happy. Many business owners assume that there will be time to deal with the succession and estate plan later.

On June 1, 2015, the federal government enacted new reporting and transparency obligations for the extractive sector — the Extractive Sector Transparency Measures Act (ESTMA).