Income Tax Fundamentals for the Estate Practitioner 2016

Course Date: April 15, 2016

Total: 5h 54min

Welcome and Introduction

Kate S. Marples — Legacy Tax + Trust Lawyers, Vancouver
Genevieve N. Taylor — Legacy Tax + Trust Lawyers, Vancouver

Taxable Dipositions and Deferrals

  • gifts of cash and appreciated property
  • transfers to trusts
  • deemed dispositions at death
  • estate freeze
  • spousal rollovers

Genevieve N. Taylor — Legacy Tax + Trust Lawyers, Vancouver

Tax Exemptions

  • principal residence
  • qualified small business
  • family farms

Helena Plecko — DLA Piper (Canada) LLP, Vancouver

Networking Break

Attribution Principles

  • general attribution principles
  • direct and trust transfers for the benefit of a spouse or minor child
  • trust transfers with retained ownership
  • loans to adult children
  • principal residence exemption attribution
  • phantom income on estate freezes

Blair P. Dwyer — Dwyer Tax Law, Victoria 

Networking Lunch

Taxation of Estates

  • residency of an estate
  • qualifying as a graduated rate estate
  • tax returns from date of death onward
  • spousal rollovers
  • carry back of losses
  • distributions to resident and non-resident beneficiaries
  • liability of executor

Sheryne Mecklai, CPA, CA — Tax Partner, Manning Elliott, Vancouver
Dagmar Zanic, CPA, CA — Senior Tax Manager, Manning Elliott, Vancouver

Taxation of Personal Trusts Generally

  • inter vivos vs. spouse trusts vs. qualified disability trusts vs. trusts arising on death
  • allocation of income to beneficiaries
  • distribution of trust property to a resident or non-resident beneficiary
  • the taint of s. 75(2)
  • what makes a trust non-resident?
  • the 21 year deemed disposition rule

Kate S. Marples — Legacy Tax + Trust Lawyers, Vancouver

Networking Break

Use and Taxation of Alter Ego Trusts and Joint Partner Trusts

  • reasons for using such trusts
  • transferring property to such trusts
  • tax attributes of such trusts
  • trust taxation on death given recent amendments to the Income Tax Act
  • miscellaneous tax considerations
  • some strategies for managing double taxation

Alexander Demner — Thorsteinssons LLP, Vancouver

Tax Issues For Charitable Giving

  • the charitable credit during life and at death
  • gifting appreciated property
  • charitable remainder gifts
  • traps for charitable gifts by will or trust
  • charitable receipt issues
  • is a private foundation the answer?
    • creating a registered charity
    • tax exemption and ongoing requirements
    • disbursement quota

Michael Blatchford — Bull, Housser & Tupper LLP, Vancouver