Search Results for: QSBA2024 Reliable Exam Materials đŸ§” New QSBA2024 Study Guide 😋 QSBA2024 Valid Test Cram 🎯 Search for { QSBA2024 } on 《 www.pdfvce.com 》 immediately to obtain a free download ❓QSBA2024 Training Material

The Forgotten Tax Changes — Principal Residences

Posted on November 17, 2017 by - Wills & Estates

With all the buzz surrounding the Federal Government’s recently proposed tax changes, talk of income splitting and passive investments has dominated the headlines, taking the spotlight away from the government’s proposed changes to the principal residence exemption.

The government announced legislative proposals related to the principal residence exemption on October 3, 2016.

Most of us are familiar with the current exemption: if a property qualifies as a taxpayer’s principal residence, the taxpayer can use the exemption to reduce or eliminate some or all of the capital gain otherwise occurring for income tax purposes on the sale of such property.

The proposed legislation will have two major consequences:

  • Non-residents will be unable to claim the principal residence exemption; and
  • Trusts will only be eligible to designate a property a principal residence for a tax year that begins after 2016, if it meets additional eligibility criteria.

For the purposes of this bulletin, we will limit our discussion to how the changes will affect Trusts, such as Joint Spousal or Alter Ego Trusts.

For taxation years that begin after 2016, a Trust must meet the following extra requirements in order to claim the principal residence exemption:

  • The Trust must be an “eligible trust” The specified beneficiary(ies) of the trust is/are resident in Canada in the year; and
  • Where the Trust acquires property after October 2, 2016, the Trust must contain special language that provides the specified beneficiary with a right to the use and enjoyment of the property as a residence throughout the period in the year in which the Trust owns the property.

The legislation proposes that “eligible trusts” will fall under the following three general categories:

  1. alter ego, spousal or common-law partner trusts, joint spousal or common-law partner trust, or certain trusts established for the benefit of the settlor during the settlor’s lifetime;
  2. qualified disability trusts, provided the trust meets certain conditions; and
  3. a Trust, the specified beneficiary of which for the year is an individual:
    1. whose parents are not alive at the beginning of the year;
    2. one of whose parents is a settlor of the Trust;
    3. who has not turned 18 before the end of the year; and
    4. who is resident in Canada during the year.

Problems are likely to arise because many existing alter ego and joint spousal trusts do not contain the specific language that is now required. Thus, care must be taken, when contributing a principal residence to an existing Trust, to ensure that the Trust contains or is amended to add this required language.

A Trust that was eligible to claim the exemption prior to 2016 that is no longer an “eligible trust” (i.e. a principal residence trust, or an inter-vivos discretionary family trust) will continue to be eligible for the principal residence exemption with respect to the gains accrued until December 31, 2016. However, any gain that has accrued after that date (i.e. January 1, 2017 – present) will not be exempt.

Ideally, those clients whose principal residence is held by a non-qualifying Trust had their structures reviewed and rectified before the end of 2016. That said, if your client hasn’t, there’s no time like the present. The longer your clients wait to review (and rectify) their planning structures, the more costly the proposed changes will be to your client, especially in a hot real estate market.

As practitioners, we should keep an eye out, and review, the following structures:

  • Family trusts (i.e. discretionary inter-vivos trusts) that might own a principal residence;
  • Principal residence specific trusts; and
  • Alter-ego, spousal/common law partner trusts, or joint spousal trusts, that do not contain specific language allowing the spouses/partners to have the exclusive use and enjoyment of any residence owned by the trust.

If you review a client’s specific structure and have any questions or concerns with respect to their Trust’s ability to utilize the principal residence exemption under the new rules, contact a member of our team.

Appointed as a Power of Attorney?

Posted on April 18, 2019 by - Wills & Estates

These are your role and responsibilities.

Your friend or loved-one (the “donor”) has bestowed upon you (the “attorney”) one of the most esteemed badges of trust. They have appointed you in their Power of Attorney.

In most cases, you don’t take on your role the day the donor signs the document – most commonly the Power of Attorney document will be held in safekeeping, and provided to you when the donor actually needs your help. When that time comes, don’t make these mistakes:

  • assuming it’s an easy job that won’t require too much time, effort, or diligence
  • assuming you now can do whatever you darn well please with the donor’s assets

Roles and Responsibilities

You have now been given the power to act on the donor’s behalf, for all financial and legal matters.

However, you are charged with acting honestly and in good faith, and must exercise the care, diligence and skill of a reasonably prudent person. You are held to the highest standard known at law, the “fiduciary duty”. If you fail to meet that duty, you can be found personally liable for damages or harm that results. If you are someone who is fairly lackadaisical over your own finances, you need to step up your game as attorney – you may have to do a better job with the donor’s affairs than you would do over your own.

The law sets out the basic requirements the attorney must follow (to the extent reasonable):

  1. meeting the personal and healthcare needs of the donor comes first – preserving the estate for the benefit of eventual beneficiaries does not;
  2. when managing and investing the donor’s assets, meet the standard of a “prudent investor”;
  3. foster the independence of the donor, encouraging his/her involvement in any decision making where possible and appropriate;
  4. don’t sell or give away assets that are specifically mentioned in the donor’s Will;
  5. keep the donor’s personal effects/household possessions available for the donor’s use and enjoyment;
  6. maintain records, which can be inspected by the donor or the Public Guardian and Trustee of B.C.[1]; and
  7. if the donor still has capacity, you must take into account their stated wishes and beliefs – but if the donor’s capacity is uncertain, or if the donor is being pushed into something by another person, you have to act to safeguard the donor’s assets. If you have to walk that fine line, make sure you get legal advice.

Specifically, what can an attorney do/not do?

The power given to the donor is not carte blanche – there are some limitations:

  1. must not co-mingle or combine any of the donor’s assets or money with the attorney’s own – assets must always be kept separate;
  2. cannot change any designated beneficiaries on assets such as insurance policies, RRSPs, and TFSAs;
  3. may only gift away the donor’s cash or property to maximum of $5,000 per year (if the donor would ordinarily have made such a gift);
  4. the attorney cannot pay him/herself a wage, or help him/herself to the donor’s assets in compensation for efforts – the attorney is not entitled to remuneration unless the Power of Attorney document itself specifically provides for it;  and
  5. may not make a new Will for the donor or change the donor’s existing Will.

Do I have to act?  How long does it last for?

No one can force you to accept this position. Knowing what you know now, you may not want to get involved. It can be an onerous job, and you can face scrutiny and be asked to justify your actions. If you decide to decline, do not sign the document accepting the appointment.  If you have already started to exercise authority, and want to resign, see a lawyer for advice about how to resign.

When the donor dies, the Power of Attorney is no longer of any force or effect, and at that point the personal representative of the estate (i.e. the executor) takes over.  If the attorney is the spouse of the donor, then the Power of Attorney would also end if the spousal relationship ends.

If you are acting as an attorney, and you encounter any of the matters we describe here, seek advice and become informed about your legal duties, before you act.

[1] The Public Guardian and Trustee of British Columbia is an independent public organization established by statute, and, as an officer of the Court, it’s mandate it is to protect those who cannot protect themselves.

Government

Posted on May 14, 2019 by -

Our firm got its start in local government law in the 1880s.

Since 1885 Fulton has represented local governments of all sizes on issues ranging from single matters through to acting as general legal counsel for large municipalities and regional districts.

The depth and diversity of our experience means that we are well versed in assisting our clients with complex, time-sensitive matters. At the same time, we help you plan for and develop long-term policies and procedures to mitigate risk and minimize legal complications.

Provincial Accessibility Committee | Jessica Vliegenthart

Posted on December 4, 2021 by - News

After a long wait, the provincial government has announced the members of its new Provincial Accessibility Committee. Our Jessica Vliegenthart has been named to this Committee.

Under the Accessible British Columbia Act, the Committee’s work will include advising government on the implementation of the Act, helping government prioritize accessibility standards, and overseeing the process of developing standards in areas such as employment, education, transportation, and customer service.

The Committee works to improve accessibility for persons with disabilities and supports the implementation of the Accessible BC Act in the following ways:

  • Developing and recommending accessibility standards to government
  • Engaging with the public on the development of accessibility standards
  • Providing general advice to the Minister about government’s efforts to promote accessibility

Office Closure – September 30, 2021

Posted on September 17, 2021 by - News

On August 3, 2021, September 30 was officially declared the National Day for Truth and Reconciliation. As discussed in a previous post, this holiday is intended to commemorate the history of residential schools and honour all persons who were deeply impacted.

Legally, this new holiday currently only entitles federally regulated employees to paid time off, as the B.C. Employment Standards Act has not yet been amended to reflect this day as a holiday for provincially regulated employees (aka our Fulton team). However, our firm knows we need to take present action in support of lasting reconciliation – therefore, we are choosing to close our office on September 30th, to give our people additional time to reflect on the legacy of the residential schools, and to honour the survivors, their families and their communities.

We know that words alone are not a sufficient response to this history, and practical support is vital.  We care deeply about our entire community, and we encourage everyone to continue to explore the recommended resources compiled by Tk̓emlĂșps te SecwĂ©pemc Chief, Kukpi7 Rosanne Casimir:

If you require our legal services on September 30, we’d ask that you contact our office to make arrangements in advance so we may continue to provide you with exceptional service.

By listening to and learning from the lived experiences and wisdom of our Indigenous neighbors today, we believe we can educate ourselves for an equal and just tomorrow – one that is inclusive and supportive of all.

Sept 30: National Day for Truth and Reconciliation

Posted on June 5, 2021 by - Workplace Law

Legislation is expected to come into force on August 3, 2021 establishing September 30 as a national holiday:  the National Day for Truth and Reconciliation.

This holiday is a response to action number 80 of the Truth and Reconciliation Commission of Canada’s call of action, which calls on the federal government in collaboration with Aboriginal peoples to establish an annual holiday to commemorate the history of residential schools and honour all persons deeply impacted: the survivors, their families and their communities.

Currently, the new holiday will only impact federally regulated employees.  Some federal industries impacted by this holiday include those working in air transportation, banking, First Nations band councils, federal Crown Corporations (ex: Canada Post), radio and television broadcasting, road transportation and telecommunications.  These employees will be entitled to paid time off for the holiday, just as any other statutory holiday.

The B.C. Employment Standards Act has not yet been amended to reflect this day as a holiday for provincially regulated employees.

Questions? Contact Ayla Salyn or a member of our Workplace Law team.

Covid-19 Office Policies & Procedures

Posted on November 27, 2020 by - News

Safety and Health Protocols

To protect the health and safety of Fulton lawyers, staff and the general public, and to minimize the risk of a costly business interruption following a positive Covid-19 case at the office, the following protocols are MANDATORY for all.

Do not enter this workplace if you:

  1. Are displaying any of the following new or worsening symptoms:
      1. Fever or chills
      2. Cough
      3. Loss of sense of smell or taste
      4. Difficulty breathing
      5. Sore throat
      6. Loss of appetite
      7. Extreme fatigue or tiredness
      8. Headache
      9. Body aches
      10. Nausea or vomiting
      11. Diarrhea
  2. Within the last 14 days, have been in close contact with someone who has Covid-19; or
  3. Have been told to isolate by Public Health.
Last updated March 23, 2022.

Leah Card*

Posted on August 20, 2015 by -

Excelling at helping people plan for their futures, Leah ensures that the wishes of incapable or deceased loved ones are carried out. Her keen insight and reputation for excellence in estate planning and estate administration results from her broad business and property law background, and from having 15+ years of experience in wills and estates law. She handles the most complex succession planning situations and estates with ease.

Leah and her Wills & Estates Team create customized estate plans for clients, tailored to meet each client’s needs. They represent executors and handle estates of deceased persons, taking care of all the legal aspects, effectively and with compassion.

Hearing the draw of the B.C. Interior, Leah left Vancouver and returned to her roots to article with Fulton after law school. Away from the office, Leah’s time is filled with various family pursuits; she, along with her husband, two young children and Labradoodle, Loki, love to retreat to their rustic “off the grid” cabin, go biking and are learning (again) to ski.

Tyson McNeil-Hay*

Posted on August 20, 2015 by -

Believing that successful dispute resolution for his clients is not only about the final result, Tyson is focused on resolving disputes as effectively as possible. Delay, cost, and stress are significant considerations that Tyson works hard to avoid for his clients.

Tyson’s barrister practice focuses on estate, commercial and local government litigation. As a persuasive, successful advocate, he has appeared at all levels of court in BC. Whether the matter is resolved in the courts or by strong negotiation, Tyson believes that thorough preparation is the cornerstone of excellent advocacy for his clients.

Away from the office, parenting three children under 7 years old keeps Tyson and his spouse busy, but when Tyson can, he loves taking advantage of all the outdoor opportunities in the area, particularly skiing and mountain biking. Tyson spent two separate years abroad in his university days and as a result, can still speak some French and Russian.

Lyle Backman, K.C.

Posted on August 19, 2015 by -

After over 45 years as a litigator, Lyle has represented clients in diverse areas of law and at all levels of court, including notable cases, complex arbitrations and mediations. Lyle’s clients rightly trust him to get the job done because of his extensive experience and reputation for effective advocacy.

Although Lyle has seen all types of cases, these days he practices primarily in commercial and estate litigation, including business/commercial disputes and wills variation claims.

Away from the office, Lyle enjoys travelling the world with his spouse, Trudi, and catching up on current events, whether it concerns news, art, culture, sports or dining.

Aron Hochhauser

Posted on August 20, 2015 by -

Around the office and with his clients, Aron is known to be patient and approachable, always willing to take the time to thoroughly explain any legal issue that may arise.

Aron is Senior Counsel and a co-leader of Fulton’s Vancouver office with Lindsay Goldberg.  Focusing his legal practice in security enforcement, financial services and litigation in the banking, finance and insurance industries, Aron represents financial institutions and private lenders in all aspects and related matters of mortgage enforcement and debt collection proceedings.  He also specializes in dissolution of timeshare strata units and routinely represents homeowner associations with respect to partition and sale proceedings in the BC Supreme Court.

Previously an associate at Epport, Richman and Robbins LLP in Los Angeles, Aron practiced in the areas of lender liability, foreclosure and bankruptcy.

Hal Hicks*

Posted on August 20, 2015 by -

Hal knows that the law can be complicated and he helps his clients clearly understand their options, so that they can make well-informed decisions. Clients rely on Hal for proactive legal advice, and structuring sound transactions, whether it be in commercial finance, collections, foreclosures or commercial insolvency matters.

With his practice primarily focused on the assessment and realization of security for creditors, including complex commercial collections, foreclosures, unsecured collections and priority disputes, Hal acts for major financial institutions as well as receivers, trustees in bankruptcy and other lenders both secured and unsecured. Hal also advises landlords, debtors, and purchasers in the insolvency context and regularly works with major institutional and private lenders on the creation and registration of protective security.

Around the office, Hal is known for a dry sense of humor and an enthusiasm for business venture ideas. Beyond his practice, Hal spends time with his young family, often leisurely in the pursuits of travel, golf, old-timers basketball, and ski hill activities.

Devin Buchanan*

Posted on August 20, 2015 by -

Experienced and unflappable, Devin brings common sense, sharp analysis, and attentive service to each challenge he takes on, whether for local governments, individuals or business clients.

Devin’s practice includes local government law including strategic advice and litigation, construction disputes and builders liens, property and contract disputes and insurance claims (both defending claims and making claims for coverage). He enjoys deconstructing the most complex legal problems, to offer meaningful resolutions.

Active in the local sporting and arts communities, away from the office Devin is likely out and about on the trails, on the pitch, or at various events, usually with his wonderful family, wife Jenn and kids, Henry and Isla.

Michael Blackwell*

Posted on August 20, 2015 by -

His focus is on growing and adding value to his clients’ businesses through practical, effective legal advice. Identifying the key issues early on and understanding his clients’ goals, allows Michael to tailor results-oriented insight, specific to each clients’ needs.

Michael’s practice includes, but is not limited to:

  • Mergers and acquisition between private enterprises.
  • Real estate development on indigenous and non-indigenous lands.
  • Complex secured transactions for financial institutions, including aircraft lending.

Away from the office, Mike enjoys playing recreational hockey, golfing, snowboarding/skiing, and spending time with his family at Brennan Creek on Adams Lake, where his family has been involved in the forest industry since the 1940s.

Edwin Mark*

Posted on August 21, 2015 by -

Having degrees in both business and law, Edwin provides a practical, business-minded perspective to his clients. His focus is to provide sound legal advice that allows his clients to focus on what’s important: growth and development.

After beginning his legal career as in-house counsel and executive management for a large tech company, Edwin recognized his interest in seeing businesses thrive. His clients range from start-ups to large institutions, who benefit from his unique expertise, including legal services in:

  • Corporate/Commercial Transactions
  • Governance, Structure, Strategy
  • Information Technology/Intellectual Property
  • Trade-marks and Copyright
  • Real Estate Development
  • Commercial Finance

Originally from Saskatchewan, Edwin learned early on to enjoy the outdoors, and refers to Kamloops as “a big playground”. Look for him and his family if you’re out on the water, slopes or trails.

Dan Carroll*

Posted on August 21, 2015 by -

He understands the unique business and reputational goals that his clients have when faced with a dispute. He knows that success for his clients often means avoiding the cost, delay and uncertainty of trial. As an adept problem solver, Dan is always looking for early opportunities for successful dispute resolution and takes pride in achieving fast, cost effective results for his clients.

An experienced and proven litigator, Dan is the leader of Fulton’s CIBC Client Team and co-chair of Fulton’s Business Disputes Team. Dan focuses his high-volume legal practice on quickly and effectively resolving secured and unsecured realization matters for CIBC and other lenders, as well as all kinds of banking and business disputes for his clients large and small, either in court or via mediation.

During his university years, Dan moonlighted as a professional musician, playing guitar in reggae and alternative rock bands. After graduating from law school, Dan practised with a large Vancouver law firm before returning home to Kamloops in 1999. When he is not pre-occupied solving problems for his clients, you may find Dan on his mountain bike in the Kamloops hills, running with his dog, Flynn, or singing an old Irish tune on his guitar.

John Grover*

Posted on August 21, 2015 by -

With over two decades of family law experience, John’s clients reap the benefits of his considerable knowledge and experience in all things family law. When assisting his clients through some of life’s more difficult moments, John dedicates himself to each client’s unique needs and requirements, and confidently guides them through each stage of their legal process.

John develops creative strategies to protect his client’s interests and to prevent future issues from arising. Although a proven litigator, John realizes that often conflicts can be resolved through alternate resolution methods. He ensures that his clients are able to move through the legalities as efficiently as possible, to begin the next phase of their lives.

John practices exclusively in family law matters, in both Provincial and Supreme Court, including:

  • Divorce and Separation
  • Division of property
  • Spousal and child support
  • Custody and Adoption
  • Guardianship and access issues
  • Child apprehension

After growing up in Winnipeg, John moved to Kamloops to article with our firm and since then, has fully embraced the Kamloops lifestyle. Outside of his practice, when not spending time with his family or coaching skiing and soccer, John diligently participates in cross-country skiing, hockey and triathlons.

Sam Dabner*

Posted on August 21, 2015 by -

Sometimes initially perceived as reserved, Sam is actually observing, analyzing and strategizing the best approach to any situation. His clients find him perceptive and unfazed when tackling their legal issues, as he clearly explains varied options and helps his clients make practical, well-informed decisions. Born and raised in Kamloops, Sam is acutely familiar with the community and draws on this insight for his clients’ benefits. In Sam’s solicitor practice, he regularly:

  • Advises local governments regarding a broad spectrum of legal issues including: governance, bylaws, land use/development, statutory interpretation and real property matters;
  • Advises business clients regarding corporate/commercial transactions; and
  • Completes all types of real property transactions including: acquisitions, dispositions, leasing and other land title matters.

Outside of work, you will likely find Sam taking advantage of the BC Interior lifestyle with his friends and family – whether it be up in the mountains in the winter or on the lakes, trails and fields any other time of the year. You might also bump into him around town seeking out high-quality local ingredients for the creation of exceptional dining experiences.

Graham Mack*

Posted on May 16, 2016 by -

And he’s no stranger to hard work – our firm was the first job he’s had where he didn’t need to wear steel toed boots. He approaches his legal work with the same determination. Easily putting himself in his client’s shoes, Graham relates to each individual case, and applies a keen attention to detail and old-fashioned hard work to achieve optimal results for his clients.

Practicing exclusively in realization/insolvency law and commercial finance, Graham regularly acts for major financial institutions and other lenders across all aspects of secured lending and debt collection, including foreclosures, unsecured realization, and complex commercial realization work. Graham also works with businesses on collecting accounts receivable and strata councils with the filing and enforcement of strata liens and special levies. Confident and effective in the courtroom, Graham has appeared on hundreds of court applications in the BC Supreme Court.

Outside of the office, you are guaranteed to find Graham riding the local trails on his mountain bike or out and about with his wife and puppy, Kona (and yes, she was named after the mountain bike).

Matt Livingston*

Posted on March 10, 2017 by -

Focused and attentive, Matt helps people design long-term legal plans for their businesses and personal lives. He ensures that his clients have the entire perspective when making important decisions for themselves, their families and their businesses.

Matt practices in a wide variety of estate planning, real estate transactions and business law. After completing his articles at a boutique tax law firm, Matt draws from a comprehensive tax and legal perspective, to optimally assist his clients in starting, or growing their businesses, and planning for their futures.

Originally from Winnipeg, Matt and his wife have called Kamloops home since 2014, and are enjoying putting down roots. Away from work, Matt enjoys playing ball-hockey, golfing, skiing, hiking with his young family, and cheering on his Winnipeg Jets.

Chelsey Mack

Posted on April 11, 2017 by -

With an exclusive focus on local government law, Chelsey advises on matters including complex bylaw disputes and enforcement issues, municipal liability and risk management, nuisance, negligence, insurance issues, bylaw drafting, and land use and development.

Bringing her keen intuition and client service to every file, Chelsey understands that local governments face complex and multi-faceted problems. With this in mind, she approaches her clients’ dilemmas by first looking at the big picture. After considering the political and policy environment, Chelsey crafts comprehensive legal solutions tailored to clients’ unique situations, recognizing that the best solutions for local governments often involve a combination of legal and non-legal strategies.

Looking for Chelsey away from the office? You will likely find her near the mountains.  Always on the move, Chelsey and her husband enjoy hiking and camping with their energetic one-year-old son and their Aussie Doodle, Kona, and winding down with a hoppy craft beer.

Josie Bennett

Posted on May 22, 2019 by -

Though it’s 16 years with our firm, Josie has been working in the legal industry for nearly 22 years. Starting with our firm as a solicitor assistant, Josie’s experience played a significant role in developing the processes for our Business Law administration department, officially formed in 2014 and which she now co-leads. Around our office, Josie is known to be efficient, confident, and exceptional. Her quick wit and willingness to share her knowledge allows others to benefit from Josie’s expertise, while making our office a better place to be.

When she is not working, Josie is busy trying to keep up with her family, snowboarding and mountain biking.

Angela Deneault

Posted on May 22, 2019 by -

Cumulatively with our firm for over 13 years, Angela is a Personal Injury Paralegal, but has worn many different hats over her legal career, and worn them well. Angela spent significant time working in indigenous residential school claims, helping settle hundreds of claims for survivors, after working with TRU Law in its inception (and as a professional home stager). With exceptional attention to detail and dedication to efficiency, Angela always makes sure everything runs smoothly. Genuinely caring for her clients, Angela frequently goes above-and-beyond to ensure her clients receive the very best legal service – she is a trusted ally, both professionally and personally.

Outside of the office, Angela dedicates herself to her family – with spouse, Kurt, they are often on the road supporting their daughter in her soccer endeavors. When at home, Angela enjoys expanding her culinary pursuits, being outdoors hiking, or spending time with family and friends, including her dog, Ginger.