30 years of trusts

30 years of trusts

The below is a short summary of part one, as published in the Trust Quarterly Review to celebrate 30 years of STEP.

Australia

1992 Superannuation Guarantee (Administration) Act 1992.

1993 Superannuation Industry (Supervision) Act 1993.

1998 Buckle v Chief Commissioner of Stamp Duties;[1] Managed Investments Act 1998.

2001 Family Law Act 1975.

2008 Kennon v Spry.[2]

2010 Commissioner of Taxation v Bamford & Ors.[3]

2011 Commissioner of Taxation v Clark.[4]

2020 McVeigh v Retail Employees Superannuation Pty Ltd.[5]

British Virgin Islands 

1993 Trustee (Amendment) Act, 1993.

1996 Mutual Funds Act, 1996.

1997 Proceeds of Criminal Conduct Act, 1997.

2001 Financial Services Commission Act, 2001.

2003 Virgin Islands Special Trusts Act, 2003 (the VISTA Act); Trustee (Amendment) Act, 2003; Insolvency Act, 2003.

2004 BVI Business Companies Act, 2004.

2007 Financial Services (Exemptions) Regulations, 2007.

2008 Insurance Act, 2008.

2010 Securities and Investment Business Companies Act, 2010.

2013 Virgin Islands Special Trusts (Amendment) Act, 2013; Trustee (Amendment) Act, 2013.

2017 Limited Partnership Act, 2017.

2021 Trustee (Amendment) Act, 2021.

Canada

1991–1999 The 21-year Deemed Disposition Rule.

1994 Civil Code of Québec; Haslam v Haslam.[6]

1996 Fox v Fox Estate.[7]

1997 Uniform Trustee Investment Act, 1997.

1998 Eurig Estate (Re);[8] Granovsky Estate v Ontario.[9]

2004 Amherst Crane Rentals Ltd v Perring;[10] Bank of Nova Scotia v Thibault.[11]

2006 Howson v R.[12]

2007 Pecore v Pecore.[13]

2010 Income Tax Conventions Interpretations Act amended; Antle v Canada.[14]

2012 Fundy Settlement v Canada;[15] Uniform Trustee Act.

2016 Canada (Attorney General) v Fairmont Hotels Inc;[16] Spence v BMO Trust Company.[17]

2018 Moore v Sweet.[18]

2018–2019 Panda Estate (Re)[19] and Re Milne.[20]

Scotland

1995 Requirements of Writing (Scotland) Act 1995.

2005 Charities and Trustee Investment (Scotland) Act 2005.

2006 Finance Act 2006.

2009 Finance Act 2009.

2014 Trusts (Scotland) Bill.

2016 Finance Act 2016.

2021 The 100th anniversary of the primary piece of Scottish trust legislation, the Trusts (Scotland) Act 1921.

Further reading

View the full 30-year trust timeline at www.step.org/tqr/tqr-june-2021

Part two of the ‘30 years of trusts’ series has also been published, featuring Ireland, Jersey and South Africa.

View it at www.step.org/tqr/tqr-september-2021 

[1] (NSW) 37 ATR 393 High Court

[2] [2008] HCA 56, High Court of Australia

[3] [2010] HCA 10, High Court of Australia

[4] [2011] FCAFC 5

[5] [2020] FCA 1698

[6] (1994), 114 D.L.R. (4th) 562, 3 E.T.R. (2d) 206 (Ont. Gen. Div.)

[7] 1996 CanLII 779 (ON CA), 10 E.T.R. (2d) 229

[8] [1998] 2 S.C.R. 565, 1998 CanLII 801 (SCC)

[9] 156 DLR (4th) 557, 1998 CanLII 14913 (ON SC)

[10] 11 E.T.R. (3d) 112, 2004 CanLII 18104

[11] [2004] SCC 29

[12] [2006] TCC 644

[13] [2007] SCC 17, 2007 SCC 17 (CanLII)

[14] [2010] FCA 280

[15] [2012] SCC 14

[16] [2016] SCC 56 (S.C.C.) Note that the companion case of Jean Coutu Group (PJC) Inc. v Canada (Attorney General), 2016 SCC 55 (S.C.C.), considered the same issue under art.1425 of the Civil Code of Québec, CQLR c CCQ-1991 (‘The common intention of the parties rather than adherence to the literal meaning of the words shall be sought in interpreting a contract’).

[17] [2016] ONCA 196 (Ont. C.A.); leave refused, 2016 CanLII 34005 (S.C.C.)

[18] [2018] SCC 52 (CanLII), [2018] 3 SCR 303

[19] [2018] ONSC 6734

[20] [2019] ONSC 579