487 results found

Canadians who own US property, hold American investments, or have family members with US citizenship face a complex web of estate tax obligations spanning two countries. Without proper coordination, your heirs could face double taxation, frozen assets during lengthy Florida probate proceedings, or unexpected tax bills that consume a significant portion of their inheritance.

There have been a number of court decisions over the last year about whether the trust created in many provincial builder's lien statutes will still apply in bankruptcy...

Part I of this series of articles reviewed some of the basic tax requirements for using trusts to split income. In the second instalment of the series we will review some common income splitting opportunities that are accessible through the use of trusts.

The Ontario Superior Court of Justice examined whether a woman with diminished capacity required a court-appointed guardian to manage her substantial property holdings, or if less restrictive alternatives could protect her interests while preserving her autonomy. The case centered on balancing the state's duty to protect vulnerable persons against an individual's fundamental right to self-determination when making decisions about tens of millions of dollars in assets.

From time to time, a person will take it upon themselves to hold and administer property for the benefit of another, without having been formally appointed as a trustee.

Part 1 of this Series reviewed what the 21-year deemed disposition rules are and introduced three approaches to planning that appear to be most commonly used to manage the effects of the 21-year...

Ontario probate requires court certification, estate administration tax of up to 1.5%, and careful navigation of cross-border rules when US property is involved. Executors face strict timelines, fiduciary duties, and potential personal liability, while proper planning through multiple wills and beneficiary designations can significantly reduce both costs and delays.

Although I can barely remember it any more, turning 21 is a big deal! For example, when you turn 21 pretty much everyone thinks of you as an adult, and if you haven't already done so, you can go to university, ...

People support charities for a variety of reasons. Some donate to a hospital or health charity which has provided assistance to a close relative or friend.

On July 28, 2021, the Supreme Court of Canada (the "SCC") released its decision in Canada v Canada North Group Inc.

Questions about a person's mental capacity often arise at some of the most difficult moments in a family's life. Adult children may be worried about an aging parent's finances or personal care. Siblings may disagree about whether a parent understood a new will or power of attorney.

Most of us have heard of the "KISS" principle, which stands for "keep it simple, stupid." The natural assumption is that simple equals short and sometimes...

On August 9, 2022, the Department of Finance released the latest draft legislation with respect to Enhanced Reporting Requirements for Trusts first introduced in the 2018 Federal Budget.

The Government appears to be focusing its legislative efforts when it comes to increasing tax revenue by empowering the CRA with changes that target tax planning it does not like.

'Things don't work as well as they used to.' This is a common refrain voiced by many Canadians today. With the pandemic two years behind us we are dealing with the aftermath and the strains and divisions it has engendered.

The recent Tax Court of Canada decision in Brent Kern Family Trust v The Queen examines the application of the attribution rule in subsection 75(2) of the Income Tax Act.

Although there are different ways to implement Alberta Trust structures, in general, the intention of using an Alberta Trust will be to have the income of the trust taxed in Alberta at low Alberta tax rates...