All About Estates

Month: November 2017

Total 15 Posts

Estate and Trusts with Foreign Properties and/or Transactions: Update on Reporting Implications

Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not…

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November is Make A Will & Power of Attorney Month

My fellow bloggers and I write frequently about Powers of Attorney, however my concerns are often focused on the lack of planning when it comes to making Powers of Attorney for both Personal Care and Property. More specifically, although I do not have any statistical data, my subject matter experience…

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Another Sibling Rivalry Gone Awry

In my last few blogs I’ve focused my comments on succession planning topics for business owners. I’d like to continue with that theme by reminding business owners and their advisors about the need to ensure contractual arrangements that are intended to attach to property, are addressed and worked into the…

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Spend-down Charitable Funds

Until 2010, the disbursement quota provisions in the Income Tax Act mandated that charities handle donations in one of two ways: for immediate use or held as long-term endowments through the “10-year gift” capital hold mechanism.  These binary rules drove donor and charity behaviour.  The 2010 reforms provided charities with…

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Curtailing Frivolous Will Challenges

In Seepa v. Seepa, the court called for a “culture shift” away from boiler plate, consent orders for directions, which are routinely granted in will challenges on the Toronto Estates List. Instead, the court will assess the quality of the allegations made by the applicant will challenger to make out “a minimal…

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Canada Pension Plan Survivor Benefits

It’s no surprise that when one spouse dies there may be a sharp decline in household income suggesting some time is spent planning for the change.  A recent article (http://www.advisor.ca/tax/tax-news/shedding-light-on-the-cpp-survivor-benefit-241094?email=yes) shed light on the CPP survivor benefit that is both interesting and worthy of note. A survivor for purposes of…

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Ontario’s Plan For Us To ‘Age With Confidence’

Last January 2017 the Ontario government recognized that Seniors in Ontario are a growing force that needs to be better serviced and recognized and created its own stand alone Ministry, namely the Ministry of Senior Affairs. It has previously been housed within the Ministry of Infrastructure. Yes I thought they…

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Occupation of the Principal Residence held in an Alter Ego Trust

The CRA was asked whether the fact that the spouse of the settlor/beneficiary of an alter ego trust inhabits the principal residence of the trust would taint the trust for the purpose of subparagraph 73(1.01)(c)(ii) of the Income Tax Act (“subparagraph 73(1.01)(c)(ii)”). The CRA’s response was favourable. It explained that…

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Rest in Peace (or at least in bits and bytes)

This Blog was written by: Carol Willes Recently I co-presented to fellow estate professionals about practical challenges that might ambush an executor or attorney for property when encountering digital and other unique assets in an estate. We uncovered some fascinating and disturbing issues that can present themselves for the unfortunate…

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So, you want to be an Executor – Take Heed!

Today’s blog was written by guest blogger Wendy Templeton. Wendy Templeton practices in the area of Wills, trusts, tax and estates at LLF Lawyers LLP in Peterborough. She is a well-known author and lecturer and currently contributes to the Diploma Program of the Society of Trust and Estate Practitioners of Canada (STEP),…

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