The primary objective behind the use of either Intervivos Trusts or Testamentary Trusts in an Estate plan is to manage the transfer of wealth. Many people opt to transfer wealth using a trust because of the tax savings available from splitting income or because of the creditor-proof nature of a…
Month: November 2010
Total 22 Posts
Does the two-year limitation period for claims made against estates apply when the claim is for sexual assault?
Legal fees to settle an estate are generally not deductible for tax purposes. When do legal fees become tax deductible, if ever?
Last week my colleague, Laura West, spoke about some of the non-tax pitfalls that can arise when transferring property into joint tenancy with a family member. This week I’m here to follow-up with a discussion of the tax implications that should be considered before changing ownership of property to joint tenancy.
Can A Family Caregiver Be Paid?
Court ordered assessments can have unintended consequences.
“More than 50%” is the oft quoted statistic for the percentage of Canadians who do not have a valid Will. According the BDO Dunwoody/Compass Report on Canadian Family Business, a staggering 78% of business owners do not have a succession strategy for their business in place. The same report showed…
Twenty years from now seniors are expected to account for 25% of Canada’s total population. How will the legal community meet the needs of Canada’s aging population?
Capital losses sustained by an estate when assets go down in value after death are of little use. This can be frustrating particularly when the deceased has paid tax on capital gains made on the deemed disposition of the same assets on the terminal return. Read on to find out how to turn a bad loss into good tax recovery when action is taken within the first year anniversary of death.
In Ontario, property that a deceased owns as a joint tenant with another person does not form part of his estate for probate tax calculation purposes. As a result, significant attention is now being paid to the use of joint ownership as an estate planning technique to reduce or avoid probate taxes for both real and personal property. However, when property is transferred into joint ownership there are many issues that should be considered other than the potential probate tax savings.