Tag: Estate Administration
Tag: Estate Administration
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...
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...
Taxation at Death: Using Rollovers to Defer Taxes
RolloversAccording to the Canadian Income Tax Act there are two circumstances under which death need not bring forth a deemed realization of non-depreciable capital property or...
The Liability of Personal Representatives in Estate Administration
Personal Liability of Personal RepresentativesThe purpose of the personal liability provision is to encourage personal representatives to ensure that they do not overlook their obligations, such...
ESTATE LITIGATION: Battle of the Wills
With the Certificate of Appointment of Estate Trustee already in the hands of the supporter, the proceedings to challenge a will cannot be commenced by filing...
