All About Estates

Month: May 2017

Total 16 Posts

TAXATION OF DEPRECIABLE PROPERTY TRANSFERS INVOLVING TRUSTS

Pursuant to a certain provision of the Income Tax Act (“ITA”), if in the transfer of depreciable property between related parties, the actual cost to the transferee would otherwise exceed the capital cost (for tax purposes) to the transferor, the capital cost to the transferee is limited to the sum…

Continue Reading

Separation and Divorce: Implications

In Ontario, there are significant implications when a couple (both common-law and married) separates and when a couple divorces. As more and more couples live in common-law relationships as well as the rate of divorce in this day and age, it is important to consider the following implications.  Separation –…

Continue Reading

A Statue in the Wrong Square

Regular readers of the All About Estates blog may recall that each spring I write on legacy and how we honour the dead.  This usually involves a trip to a cemetery.  My cemetery visit this year was thwarted by a seagull attack – see my Hitchcockian video – so instead…

Continue Reading

When is a Minor a Major or Super Minor and What Does it Mean?

At law, a child under the age of 18 is considered a party under disability (i.e. a “minor”).  As a result, a minor is treated somewhat differently by the courts.  For example, a minor must be represented by a court appointed litigation guardian in civil court proceedings.  In addition, limitation…

Continue Reading

Principal residence and the change in use

It is not unusual for find the value of a deceased’s home makes up a significant part of their net worth and estate value on death. Often there is an automatic reliance on the principal residence exemption to tax exempt the gain on the deemed sale triggered on death.  What…

Continue Reading

Going Gently Into The Good Night

Last week was Canada’s National Hospice Palliative Care Week. So what is palliative care? Since its inception in Canada in the 1970’s, things have changed quite a bit. Only a few years ago, the term palliative care and the public’s general understanding, was that it meant the end was imminent…

Continue Reading

The Intersection between Family Law and Estates Law

The Family Law Act, R.S.O. 1990, c. F.3 provides that when a spouse dies and the surviving spouse’s net family property[1] is less than the net family property of the deceased spouse, the surviving spouse may elect to take one-half of the difference between the net family property of the…

Continue Reading

Hidden treasure leads to hidden problems

This Blog was written by: Robert Boyd We have all read articles detailing how people have stash millions of dollars under their mattress or, executors discover vast quantities of gold discovered at the home of a recently deceased individual. From an estate planning perspective, this may come as a huge…

Continue Reading

Court of Appeal Limits Dependant Support Claw Back

The family law bar must be breathing a sigh of relief after reading the Court of Appeal’s decision in Dagg v. Cameron Estate, 2017 ONCA 366. Both the application judge and the Divisional Court (discussed on this blog, respectively, here and here) held that a life insurance policy taken out…

Continue Reading

DEATH BENEFITS: CAN THEY BE APPLIED TO THE INCORPORATED OWNER-OPERATOR?

A death benefit is an amount received after a person’s death for their employment service. In general, any amount up to $10,000 received is not subject to tax, pursuant to regulations contained in the Income Act (“ITA”). What if the deceased was the sole shareholder of a corporation and received…

Continue Reading