Tuesday, June 15 - STEP Canada 23rd National Conference

PROGRAM & BROADCAST SCHEDULE

Moderator: Brian Cohen, LLB, TEP, Toronto: Gowling WLG (Canada) LLP; Treasurer, STEP Canada

US (and many Canadian) practitioners frequently use US terms of art that can prove daunting for non-specialists. In this session, the speaker will focus on the terminology typically encountered in an estate plan involving US persons and will address the following questions:

What is the difference between a grantor trust, a non-grantor trust, and a foreign grantor trust, and which type of trust is desirable from the point of view of a Canadian testator or settlor?
What is an unlimited liability corporation, an S corporation, and a C corporation, and when do they serve a purpose in Canadian planning?
What is distributable net income (DNI) for trust purposes, how is it calculated, and what happens if it is not distributed? Does the discretionary nature of a trust affect DNI? What happens if no income is created or distributed?
Does the existence of both US beneficiaries and Canadian beneficiaries affect the above-mentioned planning?

Nadja Ibrahim, LLB, LLM, TEP, Calgary: PwC LLP
Beth Tractenberg, JD, TEP, New York, NY: Steptoe & Johnson LLP

Moderator: Rhonda Johnson, LLB, TEP, Edmonton: Dentons Canada LLP

Many clients want to make large inter vivos gifts or loans to their children and other loved ones, sometimes with strings attached (for example, a transaction that starts out as a loan may become a gift, or a transaction that starts out as a gift may become a loan). The panel will discuss the following topics related to inter vivos giving:

the best methods for carrying out a clients’ wishes without triggering adverse tax consequences,
the pros and cons of various approaches to inter vivos giving,
how to add provisos to gifts without causing a family feud,
the merits of making gifts of specific assets, and
suggestions for handling the family cottage.

Amanda Doucette, LLM, TEP: Saskatoon: Stevenson Hood Thornton Beaubier LLP
Richard Niedermayer, LLB, QC, TEP, Halifax: Stewart McKelvey; Deputy Chair, STEP Canada

Moderator: Corina Weigl, LLB, TEP, Toronto: Fasken LLP; Chair, STEP Toronto

Recent jurisprudence has served as a reminder that executorships entail responsibilities and risks. The panelists will review the job of an executor, an executor’s compensation, the effect of this compensation on the other roles that an executor may play, the protections available to an executor, and the limits of these protections, with a view to providing participants with the information to answer the following questions:

When it is appropriate to choose an adviser as an executor?
What should be considered in the will-drafting phase?
How should a practitioner accept or decline an offer to act as an executor?
What are the best practices when acting as an executor?
When does an executor’s duty to the beneficiaries outweigh all other duties?

Mark Biderman, LLB, TEP, Toronto: Cidel Trust Company
Janet Michelin, BCL, LLB, TEP, Montreal: IMK SENCRL/LLP
John Poyser, LLB, TEP, Winnipeg: Tradition Law LLP Estates & Trusts; Toronto: Whaley Estate Litigation Partners

Moderator: Troy McEachren, BCL, LLB, TEP, Montreal: Miller Thomson SENCRL/LLP

The panelists will provide a roadmap for philanthropic giving to assist practitioners in engaging with their clients. Topics covered in this session include the following:

strategies for effective philanthropy, including ascertaining the client’s purpose;
strategies for discussing philanthropy with the family, the next generation of donors;
the effectiveness of private foundations in maintaining interest in the family’s charitable giving;
impact investing and the increased scrutiny that a charity will receive in accomplishing its mandate while broadening its investment spectrum.

Malcolm Burrows, Toronto: Head of Philanthropic Advisory Services, Soctia Wealth Management
Terrance Carter, LLB, TEP, Orangeville: Carters Professional Corporation
Kathy Hawkesworth, LLB, TEP, Edmonton: Edmonton Community Foundation

Moderator: Christine Van Cauwenberghe, LLB, CFP, RRC, TEP, Winnipeg: IG Wealth Management

Senior representatives from the CRA answer questions prepared by trust and estate practitioners about cases and issues of concern to practitioners and their clients.

Michael Cadesky, FCPA, FCA, FTIHK, CTA, TEP, Toronto: Cadesky Tax
Kim G.C. Moody, FCPA, FCA, TEP, Calgary: Moodys Tax Law LLP
Steve Fron, CPA, CA, TEP, Oshawa: Manager, Trust Section II, Income Tax Rulings Directorate, Canada Revenue Agency
Marina Panourgias, CPA, CA, TEP, Toronto: Manager, Trust Section I, Income Tax Rulings Directorate, Canada Revenue Agency