Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United…
This original post was from a few years ago. It does seem like only yesterday because, while time has not stood still, sometimes our sentiments don’t change. The event and message is the same. It is a few years later and there is a new US golf champion. We still…
For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by…
This Blog was written by Liz Bozek, The recent claim filed by Renata Ford challenging the executors of the estate of her late husband, Rob Ford, and the subsequent election of her former brother-in-law (and the subject of that claim), Doug Ford, got me thinking about some of the similarities…
One of the first steps following the death of a loved one is to go through their paperwork. You never know what you will find – handwritten wills, love letters, bank statements, or written agreements confirming that the deceased is owed money. If the estate is owed funds, it is…
With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency. Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a…
Written by Jessica Rochman Fowler The tech industry is no stranger to age bias in employment practices. Several articles have been written over the past few years about ageist assumptions that permeate the tech world, including that older people can’t keep up with improving technology, or that older employees should…
Last week I was fortunate to be able to attend STEP Canada’s 20th National Conference, along with 780 other trust and estate practitioners. This was my third consecutive year attending the Conference, and yet again, it did not disappoint. Individuals from not only across Canada but also around the world…
It is imperative to make a will. Too often lawyers come across files where an individual dies without a will (i.e. “intestate”), leaving behind a messy estate to be wrapped up and distributed. People often wonder who inherits an intestate person’s estate. When a person dies intestate in Ontario, the…
We have blogged about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds,…