Thursday, June 16 - STEP Canada 24th National Conference

PROGRAM & BROADCAST SCHEDULE

Moderator: Chris Ireland, CPA, CA, TEP, Vancouver: PPI Advisory; Chair, STEP Canada

In an increasingly diversified and interconnected world, change is perhaps the only constant in our practice. In this session, leading practitioners will provide a timely discussion on how cross-border compliance requirements, taxation and estate and trust legislation, and case law across common-law and civil-law jurisdictions may affect Canadian wealth planning in a post-pandemic world.

This session is intended to address the following:

China’s Personal Information Protection Law (PIPL), family offices and tax reforms in Hong Kong and Singapore, and solicitor-client privilege vs. a trustee’s disclosure obligations to beneficiaries in light of Lambie Trustee Limited v. Addleman, [2021] NZSC 54 (1 June 2021);
the doctrine of economic substance and beneficial ownership registration in the Cayman Islands and the British Virgin Islands;
US estate and gift tax planning, cross-border estate and trust planning, and US tax compliance programs for US citizens;
the impact of recent and potential US legislative changes, including the Build Back Better Act, on wealth planning for high net worth and ultra high net worth Canadians with US assets and US citizens living in Canada;
the impact of EU Succession Regulation 650/2012 on Canadian wealth planning;
the use of common-law trusts and the taxation of trusts in Italy, relocation under Italy’s lump-sum tax regime, and tax litigation involving foreign companies that hold mainly Italian real estate; and
the new mandatory disclosure regime under the European Union’s DAC6.

Ryan Gill, CPA, CA, CPA(NH), Vancouver: KPMG LLP
Richard Grasby, LLB, MHKIoD, IMCM, CAMS, TEP, Hong Kong: Appleby
Nicola Saccardo, LLM, TEP, Milan, Italy: Maisto e Associati

Moderator: Nadja Ibrahim, LLB, LLM, TEP, Calgary: PwC Canada

The session will address common cross-border tax situations faced by practitioners, such as:

How do I structure the purchase of a US vacation or investment property?
How do I make a gift to my US children during my lifetime?
How do I leave assets to my US citizen spouse or children in my will?
Do I need to change my corporate structure if one of my children moves to the United States?

Brent Nelson, JD, LLM, TEP, Tucson: Rimon Law
Rhonda Rudick, BCL/LLB, TEP, Montreal: Davies Ward Phillips & Vineberg LLP

Moderator: Amanda Doucette, LLB, LLM, TEP, Saskatoon: Stevenson Hood Thornton Beaubier LLP

Given our aging population, and the increase in isolation as a result of the COVID-19 pandemic, professionals will increasingly be faced with preventing, recognizing, and responding to the abuse and mistreatment of vulnerable adults. In 2021, STEP Canada’s Public Policy Committee hosted a symposium in order to start a cross-sector conversation on the issues, barriers, and opportunities for professionals to better serve and support their vulnerable clients. Delegates at the symposium confirmed that there is a lack of information about what a professional can do to support a vulnerable client, and through dialogue they identified resources that are available but that may not be widely known or disseminated.

This session is intended to continue the important conversation of how professionals across various disciplines can work together to support vulnerable clients. Through the use of a short case study, presenters will walk delegates through a practical approach to identifying the solutions that might be available to assist in the circumstances. The session will include a discussion about why a professional may be reluctant to take an additional step to assist a vulnerable client, and what protections are available to alleviate those fears.

Dr. Carole Cohen, Toronto: Professor, Department of Psychiatry, University of Toronto; Clinical Director, Community Psychiatric Services for the Elderly, Sunnybrook Health Sciences Centre
Ann Soden, BCL, LLB, Ad.E., Montreal: Executive Director, National Institute of Law, Policy and Aging and The Elder Law Clinic

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

In recent years, there has been a clear trend toward greater deference to upholding a will maker’s intentions, even where certain formalities are lacking. Curative provisions are now found in the various wills statutes across the country. This is a marked departure from a long tradition of upholding documents as testamentary only if and when they meet stringent, formal will-making requirements. But how far is too far? And what about extrinsic evidence such as statutory declarations, letters of wishes, and memorandums of wishes? Can we help our clients to better document their intentions by using these popular tools? Or are we exposing the estate to litigation down the road by adding fuel to families’ already varied interpretations of the deceased’s capacity, wishes, and intentions?

This session will review recent cases on curative provisions in wills legislation; discuss common themes and limits to curing a document; debate what can and should be done to further document clients’ wishes and intentions in both wills and trusts; and consider how these documents can or should be used.

Troy McEachren, BCL, LLB, TEP, Montreal: Miller Thomson LLP
Amy Mortimore, LLB, Vancouver: Clark Wilson LLP

Moderator/Speaker: Marilyn Piccini Roy, Ad.E., PhD, LLB, BCL, TEP, Montreal: Robinson Sheppard Shapiro LLP

Simply stated, the duty to account is a core obligation of administrators of the property of others in the civil law and of fiduciaries in the common law. Yet the challenges of that duty — the why, what, when, how, and to whom it is owed — beset both planners and litigators. The panel will address how to avoid these problems and how to resolve them when they arise.

Nancy Golding, QC, TEP, Calgary: Moodys Tax / Moodys Private Client; Chair, STEP Worldwide
Kathleen McDormand, LLB, TEP, Ottawa: Borden Ladner Gervais LLP

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

Even the best estate plans can sometimes go be derailed by disgruntled beneficiaries, a change of assets prior to death, or unanticipated tax changes. Any of these reasons could bring an estate into a contentious dispute. Litigation is costly and often ends up causing financial loss for all beneficiaries. It is therefore in the best interests of all parties to find a way to deal with these disputes efficiently so as to minimize the costs and allow everyone to move forward with their lives. Tax is an important factor in these negotiations and needs to be considered, both to ensure that there are no unexpected costs to implementation, and to efficiently provide a greater overall asset pool for the beneficiaries. The panel in this session will review tax issues that should be considered in reaching a settlement in an estate dispute, including:

variations vs. rectifications — the difference to the beneficiaries and how the Canada Revenue Agency views the impact of these tools;
what a butterfly is, when it is available, and the benefits and pitfalls of implementing one;
spousal trusts and dependency claims; and
common tax issues that are often missed in the settlement of an estate.

Rahul Sharma, LLB, Toronto: Miller Thomson LLP
Nicole Watson, CPA, CA, TEP, Kelowna: KPMG LLP