Earlier this week, MLT Aikins participated in the 2017 Prairie Provinces Tax Conference.
John was one of the panellists who spoke to the topic, “Is Rectification Still a Remedy? A Practical Overview.”
This session provided a brief synopsis of the recent SCC decisions in Fairmont and Jean Coutu. With those cases in mind, panellists addressed the following questions:
- What can tax planners do while working on files to create an appropriate trail that potentially can be relied on to support a rectification application?
- How specific does one need to be about the intent and desired results?
- If a mistake does occur, what remedies, other than rectification, may be available (e.g. variation of trust order or order to correct corporate records under corporate law)?
Garnet served as moderator for that session as well as for the discussion entitled, “Why I Still Love and Use Trusts Despite the Disincentives That Tax Law Has Given Us.”
This session provided an overview of the tax challenges and pitfalls affecting trusts, including rules related to graduated rate estates, the new principal residence rules affecting trusts, the 21-year deemed disposition rule, and others. It was followed by a panel discussion of when and why trusts are still useful in family and estate law, and practical ways of working around and through the tax challenges and pitfalls, including the best practices for winding up a trust or estate.
MLT Aikins was pleased to sponsor the luncheon following that session on Tuesday, May 30.
Monday, May 29 and Tuesday, May 30, 2017
The Westin Edmonton Hotel (10135 100 St NW, Edmonton)