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Essay / Research Paper Abstract
This 5 page paper discusses recent developments in Canadian legislation in Ontario with regard to trust legislation; it also considers wills and capital gains tax. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_HVWillCN.rtf
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Unformatted sample text from the term paper:
runs into problems. There have also been changes to the capital gains tax. This paper discusses these recent developments. Trust Legislation in Ontario In December 2004, new
trust legislation was passed by the Ontario legislature, and even though few people appear to have been aware of it, the new bill "could have important ramifications for the burgeoning
income trust sector" (Pape). The main point of the new legislation is "to protect investors against being held personally liable for the actions of a trust, its directors,
or its management" (Pape). Thus, investors cannot be "hauled into court or have their assets seized" if a trust in which they have invested "is involved in a major
environmental disaster, a medical scandal, a financial fraud" or any of the many problems that can arise in the ordinary course of business (Pape). This type of protection
has always been available to those who have shares in limited liability companies (which is where the name comes from), but it has not been extended to trust investors until
now, since "legal experts have always contended that the risk was minimal" (Pape). But investors in such trusts as Lloyds of London have recently discovered that they are in
fact very risky; that risk is one reason why many pension funds no longer invest in trusts, or keep that investment to a minimum (Pape). The new legislation, which
exists now in Ontario, Alberta and British Columbia, changes the picture completely (Pape). "All trusts based in those three provinces ... are covered across Canada. The pension plans are
now free to add to their trust holdings" (Pape). The importance of this legislation was highlighted by a battle in which the "powerful Ontario Teachers Pension Plan Board
...