Recently, some financial institutions have begun imposing their own internal form of “verification” requirement with respect to powers of attorney.
Jessi Brockman
Stories by Jessi Brockman
Probate planning can help families avoid future problems
Letters probate is an order of the Court of King’s Bench that proves the authority of the executor named in a will to deal with the property of a deceased person.
Federal government’s bare trust/tax filing saga continues
I have previously written two articles on the federal government’s folly around new rules on bare trusts. In this third instalment, I bring the readers up to date on the federal government’s latest position on the bare trust tax filings. Related stories: By way of reminder, a bare trust is a trust relationship characterized by […] Read more
Feds’ bare trust fiasco creates mess for many Canadians
A while back, I wrote an article on bare trusts and the changes to tax filing obligations for them. By way of reminder, a bare trust is a trust relationship characterized by the following hallmarks: The trustee holds legal title to property and has no other powers, duties or responsibilities in relation to the trust […] Read more
Time to pay attention to bare trusts, part two
Previously, I wrote about bare trusts in the new trust disclosure rules and the T3 trust return filing. In that article, I alluded to another new set of rules that loop in certain bare trust relationships. These new rules are contained in federal legislation called the Underused Housing Tax Act or UHTA. A bare trust […] Read more
New rules bring reporting requirements for bare trusts
A bare trust is a trust relationship characterized by the following hallmarks: The trustee holds legal title to property and has no other powers, duties or responsibilities in relation to the trust property. The settlor is the sole beneficiary of the bare trust and retains the right to control and direct the trustee in all […] Read more
Power of attorney comes with limits when making gifts
An enduring property power of attorney is the written legal authorization in which a person known as the “grantor” designates a person known as the “attorney” to make decisions about the grantor’s property and finances. Essentially a POA allows the attorney to step into the shoes of the grantor for the purpose of making decisions […] Read more
Dispersal of RESP upon death not always cut and dried
Registered education savings plans are a common tool for saving for your child’s post-secondary education. Under the RESP contract, the “subscriber” is the person or persons who have opened and contribute to the RESP. There may be a sole subscriber or joint subscribers. The “beneficiary” of an RESP is generally your child or your children […] Read more
Farmers must be aware of new corporation rules in Sask.
Have you incorporated a company under Saskatchewan’s Business Corporations Act? If so, you should be aware of new and upcoming corporate law rules requiring the collection and maintenance of certain information for an “individual with significant control” over your corporation. I say “upcoming” because as of late July, the new rules have been enacted but […] Read more
