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Trusts

ESTATES & EXECUTORS: How the Family Law Act impacts the administration of an estate

Restrictions on Distribution of EstateAfter the death of a spouse, no distributions can be made out of the estate during the six month period immediately following...

ESTATES & EQUALIZATION: Spouses electing their Family Law rights and the consequences thereof

It cannot be stressed enough how important it is for the surviving spouse to establish his or her entitlement to insurance proceeds and to survivorship benefits...

ESTATES & EQUALIZATION: How can a spouse elect his/her family law rights over a Will

The Equalization ClaimA right for the surviving spouse to make an equalization claim under the Family Law Act (“FLA”), subsection 70(1)(b), is possible only due to...

ESTATES & NFP: How your estate will be impacted by your spouse’s statutory rights

The Impact of the Family Law Act on Estate Administration The administration of estates became very complicated with the enactment of Ontario’s Family Law Act (“FLA”)...

TRUSTS & ESTATES: How your Beneficiaries are taxed

Taxation of BeneficiariesUnder subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a...

TRUSTS & ESTATES: Transfering assets to your spouse or children

Trusts and AttributionThe attribution rules for trusts, transferors, and so on are given in Subsections 74.1(1) and 74.2(2) of the Canadian Income Tax Act (“ITA”).  These...

Utilizing Spousal Trusts for Estate Planning

If capital property of a taxpayer is transferred to a qualifying inter vivos spousal trust, s.73(1) of the ITA permits the property to be transferred at...

Trusts and Estates: Different Types of Trusts in Canada

Classification of Trusts1. Testamentary TrustsThe Income Tax Act defines a testamentary trust as a trust or estate that is formed consequent to the death of a...

The Taxation of Trusts: Understanding Rates of Tax

Rates of TaxUnder s. 117, ITA, a testamentary trust is subject to tax, at the same graduated rates as an individual, while the rate of tax...

How Trusts are Taxed in Canada

Taxation of TrustsThe taxation of trusts and their beneficiaries are dealt with under Sections 104 to 108, inclusive, of the ITA. The fundamental principle with respect...