Archive for the ‘Succession Planning’ Category

Trust Income and Working Income Tax Benefit Eligibility

Thursday, July 24th, 2014

Recently the Canada Revenue Agency (“CRA”) was asked whether income allocated by a communal organization and reported as self employment earnings for CPP eligibility on a trust income tax slip (T3 slip) is considered “working” income for the recipient to claim the Working Income Tax Benefit (“WITB”). CRA responded that the ...

Testamentary Custody

Monday, June 30th, 2014

I was recently asked how parents can ensure that the guardian of their choice takes custody of their minor child or children in the event that both parents die simultaneously. In Ontario, parents (or any other person with custody of the child) can nominate someone to assume custody of their ...

Common Misconceptions about Why People Do Not Have a Power of Attorney for Personal Care

Thursday, May 29th, 2014

On April 23, 2014, Paul Fensom blogged about how so few Canadians have Powers of Attorney yet the number of people making Wills is increasing. He referenced a Scotiabank study conducted by Nielson (formerly Harris/Decima), showing that only 33% of Canadians have Powers of Attorney while 50% have Wills. This ...