Estate Planning under the New Legislation
AbstractThe withdrawal by Federal Government from the estate tax field and the fact that Alberta does not levy Succession Duties or Gift Tax, do not mean that estate planning has ceased to be vital. In this article Professor Jones out lines some effects of the new Income Tax Act in regard to taxes which become exigible upon death. Particular emphasis is placed on the effect of section 70 on the disposition of capital gains and the new concept relating to valuation contained in section 164(6). In addition, the article discusses several techniques to minimize or reduce taxes payable, such as the estate "freeze", the tax-free "roll-over"for property passing to spouse, the transfer of non-capital assets to beneficiaries, the importance of assets being situated in Alberta, the usefulness of the corporate "freeze" and the lawyer's role in the "evaluation of assets" process.
For Editions following and including Volume 61 No. 1, the following applies.
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
For Editions prior to Volume 61 No. 1, the following applies.
Author(s) retain original copyright in the substantive content of the titled work, subject to the following rights that are granted indefinitely:
- Author(s) grant the Alberta Law Review permission to produce, publish, disseminate, and distribute the titled work in electronic format to online database services, including, but not limited to: LexisNexis, QuickLaw, HeinOnline, and EBSCO;
- Author(s) grant the Alberta Law Review permission to post the titled work on the Alberta Law Review website and/or related websites.
- Author(s) agree that the titled work may be used for educational or instructional purposes and/or in educational or instructional materials. The author(s) acknowledge that the titled work is subject to other such "fair dealing" provisions and applicable legislation.
- Author(s) grant a limited license to those accessing the titled work from an electronic database or an Alberta Law Review website to download the titled work onto their computer and to print a copy for their own personal, non-commercial use, subject to proper attribution.
To use the journal's content elsewhere, permission must be obtained from the author(s) and the Alberta Law Review.