Dates for fall 2012 will be available in late spring 2012. Thank you to all of those individuals who attended in 2011!!
Outline of the Day
The New Wills and Succession Act and Amended Matrimonial Property Act – Expected to become Law January 2012 learn the impact on you and your clients!
- The Matrimonial Property Act is amended to allow a surviving spouse to make an application to the courts for a share of a deceased spouse’s estate. What changes to wills should we be considering given the new legislation?
- Changes to the survivorship rules reverse the rule that if two or more people die at about the same time, for property distribution purposes, the youngest is deemed to have survived – find out how the new rule works.
- Under the new legislation marriage will no longer revoke a Will but divorce will revoke the gifts to the ex-spouse. Find out the impact on farm estate plans.
- Learn the new procedure for potentially validating an improperly executed will.
- There are significant changes to the Intestate Succession Act If no Will; does the spouse now get everything (versus sharing with children?)?
- When will a transfer of farm property to a child during life be considered as advancement on that child’s interest in the estate? Find out the effect of a lack of proper farm estate planning.
Trusts – Have they become of age for farmers?
When should we be using Trusts and how do they work?
- Mineral rights – does a trust make sense?
- Inter-vivos (during lifetime) vs Testamentary (created on death) trusts – differences from a tax perspective
- Income Splitting?
- Non-Resident Children
- Can a non-resident child return to Canada after death of a parent and have the rollover rules apply on the parent’s death?
Death and Taxes – this session will cover the basics for unincorporated farmers, the more complex rules and planning for an incorporated farmer and other tips and traps for tax planning both before and on death
- The Basics – deemed dispositions, rollovers, capital gain exemption and planning
- The Cash Basis income trap for unincorporated farmers
- Rights and Things – what are they and what are the options again?
- What is the difference between using the capital gain exemption on death if property left to spouse versus children (yes there is a big difference)?
- What farm assets don’t rollover on death in any situation (Quota?)
- Corporate Farmers – how to avoid double tax on death – 164(6) of the Act or the “Pipeline” strategy
- Losses on death and how to use
- Revisit the rules on debt forgiveness in Estate situations.
So your client wants to buy a Vacation Property – what do we need to consider?
- If in Canada – what are the considerations? – Who should own it use a trust? Co-ownership?
- Principal Residence issues
- Passing on to the next generation
- If in U.S. – again, what are the considerations? – Who should own it? How should it be structured? Are the complex plans out there really worth it?
Tips and Traps
- The new accounting rules for valuing assets on the balance sheet – implications?
- Can I split up the corporate farm between family members if the assets are now being rented out using a related party type butterfly?
- Large Corporations Capital Tax – not usually an issue except for the small business limit
- November, 2010 technical bill – looks like the long promised wording changes for farm rollover and capital gain exemption are finally on their way
- Update on 2011 Federal Budget
- Paying an eligible (lower tax rate) dividend – some items to watch for – what if we over elect?
- Can we strip value for the benefit of a particular shareholder using a stock dividend?
