The New Trust Beneficiary Reporting Rules Are Coming…..
We have known since 2018 that changes were coming to provide transparency regarding beneficial ownership. Annual reporting is going to be the norm regardless of whether tax is owing. The legislation is still in draft form but the highlights we are going to need to address, for those trusts required to report, are: Identification details: […]
What Happens to My Stock Options When I am Terminated?
What are stock options? A stock option is the right but not the obligation (i.e. the “option”) to purchase stock in the Employer Corporation at a particular price (“exercise price”) at a set time in the future. If the value of the stock is greater than the exercise price, then the employee will realize a […]
Estate Planning for Entrepreneurs
As entrepreneurs, we tend to be optimistic people – that is what I have found, for the most part, and what seems to be part of the recipe for success in starting and running a business. Unfortunately, being forever sunny and optimistic doesn’t help when disaster strikes – you have an accident and are either […]
Canada Digital Adoption Program Launched to Assist Small and Medium-Sized Businesses
The Federal Government of Canada recently launched the Canada Digital Adoption Program (“CDAP”) run by Innovation, Science and Economic Development Canada (“ISED”). It is a 4-year program with $1.4 billion in grants and advisory services and up to $2.6 billion in loans from the Business Development Bank of Canada (“BDC”). CDAP aims to help small […]
A Manner of Thinking: Estate Litigation – June 2022
What to Do When it is Not Practical to Take Appointment or Continue as Trustee of a Testamentary Trust?
Trust companies are often faced with a dilemma when the fees associated with the administration of a testamentary trust exceed the income generated by it. Given the interest climate over the past few years this is not an uncommon issue. At the time of making the will the fees set out by agreement and the […]
Federal Environmental Assessment Legislation Found Unconstitutional
On May 10, 2022, the Alberta Court of Appeal released its opinion in Reference re Impact Assessment Act (the “Act”), 2022 ABCA 165, on the constitutional validity of the federal Impact Assessment Act, R.S.C. 2019, c. 28, s. 1 and the Physical Activities Regulations (the “Regulations”) SOR/2019-285 (collectively referred to as the “IAA”). By a […]
Cycling Without a Helmet and Contributory Negligence
As the warm weather of summer approaches, the number of cyclists enjoying Ottawa’s shared path system is increasing day by day. I have noticed that the number of cyclists wearing a helmet has been increasing year over year, but there are still a few foolhardy souls who are too “cool” or vain to don a […]
“It’s Gonna Take Time…To Do It Right” – Pre-Planning for your Prenup
Cohabitation agreements and marriage contracts (or “prenups”) are common contracts for couples to enter into prior to moving in together or getting married. Reasons for wanting one of these contracts include the following: a couple is purchasing a home together and one person is putting down a larger down payment than the other, one partner […]