British Columbia introduces legislation allowing wills to be created and signed electronically
British Columbia introduced legislation on June 22, 2020, to enable courts to accept electronic wills and to permit the remote witnessing of wills. Bill 21 proposes amendments to the Wills, Estates and Succession Act of British Columbia to enable the...
Some good news in an uncertain time: Prescribed rate decreasing to 1%
Canada has a progressive income tax system, which means that generally the more money a taxpayer earns, the more income tax he or she pays. As a result, higher income earners attempt to reduce their family’s overall tax burden by...
Family ties: The family shareholders’ agreement
Family (however you may personally define that term) is our common societal unit globally. The family business has long been a fundamental cog of the Canadian economy. Investing in both the family and the family business by entering a shareholders’...
Third party tax assessments and death
For purposes of the Income Tax Act (the “Act”) are we still related to someone after their death? In certain circumstances, the answer to this question will determine whether a taxpayer is jointly and severally liable for the unpaid tax...
Spousal claims against estates: The utility and impact of domestic contracts
Although marriage is often regarded as a rite of passage that carries with it intense societal significance, a recent survey reported by Statistics Canada has revealed that 41% of all married couples in Canada will either separate or divorce before...
New trust reporting rules and ongoing trust compliance
The Canada Revenue Agency (“CRA”) is stepping up its scrutiny of trusts in Canada by increasing its collection of information regarding beneficial ownership. Trustees and their advisors need to be prepared to respond to the new compliance and reporting obligations. ...
Electronic witnessing of Alberta estate planning documents
The declaration of states of emergency resulting from the current COVID-19 pandemic, public health orders and guidelines for self-isolation and social distancing have affected everyone in Alberta and around the world. As many people are at home contemplating the global...
Electronic witnessing of BC estate planning documents
The BC Government has declared a state of emergency as a result of the COVID-19 pandemic. During this time, we are encouraged to maintain physical distance from one another. Even when it may be possible to meet and maintain an...
Generating a dividend refund as a result of a s. 84.1(1)(b) deemed dividend
Recent statements from Canada Revenue Agency (“CRA”) confirmed a reversal of their position on the interplay between amounts deemed to be dividends under paragraph 84.1(1)(b) of the Income Tax Act[1] and a payor corporation’s ability to recover refundable taxes under...
The perils of will kits during the Coronavirus pandemic
During the Coronavirus pandemic (COVID–19) many people may be doing a Google search on “do-it-yourself” will kits to try to get their financial and family affairs in order. You might believe these will kits are an inexpensive and easy way...
