All About Estates

Month: June 2016

Total 26 Posts

Granny Dumping- continued….

Granny dumping’, not so lovingly defined as elderly people being abandoned by relatives or others in emergency departments, is happening close to home. What a sad comment on our society today and ultimately, ourselves. I believe that how we treat our elders is an indication of how we as a society are faring. We are not doing well.

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A Wealth of Information for Trust & Estate Professionals

Today’s blog was written by Elaine Blades, TEP Last week I had the pleasure of attending/presenting at STEP Canada’s 18th National Conference.  I was joined by over 700 trust and estate professionals from across Canada. STEP members come from a variety of professional backgrounds:  law, accounting, insurance, trust industry and…

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INCOME FROM A U.S. TRUST: CAN IT EVER BE TREATED AS DIVIDEND INCOME?

Sometime ago, a relative of a Canadian taxpayer died in the US and she left her money in a charitable trust, with some of the income bequeathed to the Canadian taxpayer annually. The trust income is derived mostly from US dividends. With a series of proposed adjustments to her personal…

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Another Deadline Passes – The Continuing Saga of Bill C-14

In February of last year, in Carter v. Canada, the Supreme Court of Canada struck down the ban on doctor-assisted dying, and gave the federal government 1 year to instate a law

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QUALIFYING SPOUSAL TRUSTS – A CAUTION REGARDING PAYMENT OF LIFE INSURANCE PREMIUMS

On death you might say that Canada is a tax haven. Unlike our neighbours south of the 49th parallel, we are not subject to an estate or inheritance tax on death. We are, however, subject to an income tax which while still a tax, is generally less than an estate or inheritance tax.

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‘Baby boomers under 75 set to inherit $750 B in next decade’- CIBC

I have a friend who inherited 1 million dollars from a distant uncle. Sounds like a healthy inter generational wealth transfer occurred. She has no children. She does not worry about whether she will be leaving an inheritance. Instead, she enjoyed a trip around the world and is keeping money aside for her golden years….

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Motion to Approve Settlement – A Fine Balance

Rule 7.08 of the Rules of Civil Procedure states that no settlement of a claim involving a person under disability is binding on that person unless the settlement is approved by a judge. Why court approval of settlements is necessary is succinctly summarized in Wu Estate v Zurich Insurance Co.: “The purpose…

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Principal Residence – Duplex or Intergenerational House

The Canada Revenue Agency (CRA) was asked if a duplex occupied by a taxpayer and her aging parent could be treated as the daughter’s taxpayer “principal residence” for the purpose of claiming the principal residence exemption from the capital realized on the sale of the duplex at a later date.

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Incenting From Beyond the Grave!!

Although the title of this blog is largely tongue-in- cheek, there is some validity to exploring how trusts can be used to incentivise or encourage the next generation to be successful or at the very least contributing to society in a positive way.

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Attendant care payments

With an aging population comes the importance of attendant care of the elderly and disabled. The Canada Revenue Agency (CRA) was recently asked about the taxation of amounts received for attendant care services provided to a spouse or child and returned with a pleasantly surprising answer. A child received a…

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