All About Estates

Category: Disability

Total 42 Posts

The Application for the Disability Tax Credit to be Reviewed: Hallelujah!

As most of you know, the Disability Tax Credit is a credit to income tax otherwise payable, available for those with a severe or prolonged impairment. It is meant to provide some relief from the additional costs and expenses incurred associated with the impairment. It is also referred to by…

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The Principal Residence Exemption and Qualified Disability Trusts

I previously blogged about changes that could be made to the current qualified disability trust (“QDT”) rules to make them more flexible. In that blog I briefly referred to changes to the principal residence exemption that limit the types of personal trusts that can use the exemption, one of which…

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Further Reform Needed to Support Disability Benefits Recipients

As my fellow bloggers have recently written, changes have been made to the Ontario Disability Support Program (“ODSP”) effective September 1, 2017, three of which are of particular importance for estate planning purposes: The amount a benefits recipient can receive in the form of gifts, trust distributions, and life insurance…

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Will Planning for Beneficiaries

In what might be one of the last pipeline transactions my office will advise on (depending on the outcome of the Government of Canada tax proposals), I ran into an unfortunate situation which served to highlight a fundamental aspect of estate planning: Planning for your beneficiaries. Recently, I reached out…

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Schizophrenia in Late Life and Impact on Decision-Making Capacity

Schizophrenia in adults is the most common illness causing psychosis (a loss of contact with reality, a lack of ability to tell what is real from what is not real in some way). Schizophrenia generally commences in late adolescence or less commonly after age 40 referred to as late onset…

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Amendments to the ODSP Act Regulations

This blog was contributed by Elizabeth Bozek, B.Sc. (Hons), LL.B., Estate and Trust Consultant at Scotia Wealth Management in Toronto. _______________________________________________________________________________ Estate planning for beneficiaries who receive Ontario Disability Support Program (“ODSP”) has been a careful balancing act to ensure entitlement to the benefits is preserved. Some relief has finally been announced…

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Suicide and Seniors

In last week’s blog, my colleague Dr. Shulman highlighted the ten ‘D’s of Geriatric Psychiatry . The ‘D’ that I would like to comment on today is depression which is closely linked to his last ‘D’ which is death. I have blogged over the years that contrary to popular belief,…

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The Ten D’s of Geriatric Psychiatry

In my consulting work, I have provided independent medical/legal assessments of seniors regarding capacity to sign powers of attorney, capacity to manage property and personal care, capacity to marry, capacity to provide instructions, capacity to provide evidence and both retrospective and contemporaneous assessments of testamentary capacity and capacity to provide…

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QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION?

Recently, the Canada Revenue Agency (“CRA”) issued a “how to file” the joint election for a trust to be a QDT: http://www.cra-arc.gc.ca/E/pbg/tf/t3qdt/README.html From 2016 forward, this form is to be used if one or more beneficiaries are jointly electing that the trust be designated to be QDT for the year….

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How This Budget Cares

Caring for our loved ones while satisfying and fulfilling can be expensive both emotionally and financially.  Understanding needs, costs and tax relief are all important to saving money. Today’s blog provides some caring highlights from the 2017 Federal Budget. Three current tax credits have been replaced with the proposed Canada…

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