PST and Real Property Transactions
Commodity taxes always have a big impact on transactions related to real property. A 7% tax on the purchase price of your hamburger and fries at lunch is not a big deal, but a 7% tax on the purchase price...
Wealth Matters
Budget 2013: Consultation on Denying Graduated Rate Taxation for Testamentary Trusts and Estates – A Regressive Approach
Background In general, testamentary trusts arise when an individual dies leaving benefits to be distributed to certain persons over an extended period of time. Testamentary trusts are defined under the Income Tax Act (Canada) (the “Act”) as trusts that arise...
Major Changes in British Columbia in Family Law which Impact Estate Planning
British Columbia has new legislation with respect to family law, the Family Law Act (the “FLA”), which came into force March 18, 2013. Prior to the FLA coming into force, division of “family assets” was available only to legally married...
New Non-Resident Trust and Related Rules Enacted: Important Considerations
Background After well over a decade of debate, consultation and consideration, on June 26, 2013, Bill C-48 received royal assent. Bill C-48 is an omnibus tax bill that includes, among other measures, revised rules for the taxation of non-resident trusts...
Kanji v. Canada (Attorney General) 2013 ONSC 781
This case dealt with an application to rectify a trust indenture in order to avoid a significant capital gains tax liability on the 21st anniversary of the settlement of a trust. Unfortunately, the applicants received no such relief from the...
Easingwood Case Comment
In the recent decision of Easingwood v. Easingwood Estate, 2013 BCCA 182, the British Columbia Court of Appeal upheld the validity of estate planning steps taken by two children for their father using a valid enduring power of attorney. In...
