|
Highlights
TRIBUTE
Tribute to Dr. Wolfe David Goodman, QC, LSM, SJD
Donald Carr
Donald Carr and Earl Miller,
long-time partners and friends of Wolfe David Goodman, pay tribute to Mr.
Goodman on his passing.
TRIBUTE
Tribute to Dr. Wolfe David Goodman, QC, LSM, SJD
Earl Miller
ALTER EGO TRUST PLANNING
Planning Involving an Alter Ego Trust and Charitable
Giving
Sabina Mexis
Sabina Mexis discusses an Advance
Income Tax Ruling (2005-0155371R3) released by the Canada Revenue Agency ("CRA")
confirming the continued application of a prior Advance Income Tax Ruling
(2004-0060271R3). In the prior ruling, the CRA was asked to comment upon the
taxpayer's estate plan, which was designed to ensure that the taxpayer's wealth
would pass to a charity and a not-for-profit corporation after his death. The
estate plan involved the use of an alter ego trust (the "Trust"), which held
certain shares of a Canadian corporation. Under the plan, it was proposed that,
after the death of the taxpayer, the Trust would transfer those shares to a
charity by way of gift, thereby allowing the Trust to claim a charitable
donation tax credit to reduce any tax liability payable by the Trust. The ruling
also considered the application of paragraph 88(1)(d) of the Income Tax
Act to the proposed transactions.
U.S. IRAS
Canada Revenue Agency Clarifies Its Position on the
Taxation of U.S. Individual Retirement Accounts
Ryan Lay
Ryan Lay discusses a recently
released letter (2006-0186661M4) in which the Minister responsible for the
Canada Revenue Agency sets out the Canadian tax treatment of a Roth individual
retirement account ("IRA"). The Minister's letter is significant because there
are no specific rules in the Income Tax Act that govern the treatment of IRAs.
LIVING WILLS
Living Wills/Powers of Attorney for Personal Care
Risa Awerbuck
Risa Awerbuck discusses some of the
considerations relevant to the making of a living will in light of a recent
article on the same topic by a U.S. attorney published in The New York
Times.
TRUSTEE LIABILITY
Corporate Trustees and Personal Liability
Joanne Golden
Joanne Golden discusses a
beneficiary's right of recourse in the event of a breach of trust by a corporate
trustee. This is a pertinent issue since in many jurisdictions there are no
regulatory requirements as to a minimum amount of capitalization or adequate
liability insurance for corporate trustees.
| |
Board
David P. Stevens
Editor-in-Chief
Gowling Lafleur Henderson LLP
Paul Bleiwas
Fraser Milner Casgrain LLP
Earl Miller
Fraser Milner Casgrain LLP
Martin J. Jochwerg
Miller Thomson LLP
Clare A. Sullivan
Borden Ladner Gervais LLP
Janine A.S. Thomas
Sole Practitioner |