New trust reporting rules: CRA clarifies stance on late penalty relief for bare trusts
On March 12, 2024, the Canada Revenue Agency (“CRA”) clarified its position on the application of late filing penalties to bare trusts. Bare trusts that fail to meet the filing deadline for the 2023 tax year will only be subject […]
CRA releases final guidance on qualifying disbursements: Key highlights
On December 19 2023, the Canada Revenue Agency released its final administrative guidance on qualifying disbursements. Guidance Document CG-032 (“Registered charities making grants to non-qualified donees”) first appeared in draft form a little over a year ago, on November 30 […]
Private foundations and big life changes: What happens at divorce, disability, and death?
For my high net worth clients, setting up a private foundation is an exciting process. During that process, few immediately think of unpleasant matters like divorce, disability or death—seismic life changes that could derail a family’s philanthropic goals. But what […]
Stephen Hsia and Honor Lay author series on estate planning for kinless Canadians
Law360
Estate planning for kinless Canadians is not necessarily simpler than creating a plan for a person with a spouse or children. Stephen Hsia and Honor Lay write a 2-part series for Law360 covering general considerations when appointing an executor or […]
Succession and the kinless Canadian: Special estate planning issues for kinless Canadians – Part 2
Kinless Canadians make up almost one-third of Canadian households[1]. In Part One of this two-part series, we explained why estate planning is important for kinless Canadians notwithstanding that they may not have any dependants to whom to provide financial support. […]
Succession and the kinless Canadian: General estate planning considerations – Part 1
More Canadians are living by themselves now than ever before. In 1981, 1.7 million Canadians lived alone.[1] In 2021, this number rose to 4.4 million.[2] Today, single Canadian households make up 29 per cent of households countrywide.[3] Contrary to what […]
Important changes for BC societies taking effect in May 2023
This past weekend, parts of British Columbia were as hot as 27 degrees—a first for 2023. But springlike weather wasn’t the only change greeting British Columbians at the end of a dreary April. The Government of BC announced that new […]
Canada’s new foreign homebuyer ban: An estate planner’s view
Clients, their advisors, and estate planners need to be careful about Canada’s new foreign homebuyer ban. The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Act”) came into force on January […]
2023 Federal Budget: Highlights for the Charitable and NPO Sector
On March 28, 2023, the Honourable Chrystia Freeland tabled a new federal budget (the “2023 Budget”). The 2023 Budget sets out the Government of Canada’s spending priorities for the years ahead. These priorities include making life more affordable, investing in […]
Robert Hayhoe and Stephen Hsia contribute to The Legal Industry Reviews: Canada
The Legal Industry Reviews: Canada
Robert Hayhoe and Stephen Hsia write on “Canadian charities funding organizations abroad: New rules make it easier” for the Canadian edition of The Legal Industry Reviews: New rules should make it easier for Canadian charities to fund organizations carrying out […]
