All About Estates

Month: October 2016

Total 20 Posts

Registered Disability Savings Plans – Don’t Overlook Them!

An incredibly useful and sometimes overlooked tool in planning for a client with a disabled loved one is the Registered Disability Savings Plan (“RDSP”). Here are a few key facts to know in discussing RDSPs with your client:[1] To qualify for an RDSP, the beneficiary must be eligible for the…

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The 1870 Test for Testamentary Capacity: time for an update

The leading case on testamentary capacity for almost 150 years has been that of Banks v Goodfellow – a judgment written on appeal by Chief Justice Cockburn of the English High Court in 1870.  The four broad criteria that emerged from his judgment have formed the basis of virtually every…

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Don’t Look a Gift House in the Mouth

“A resulting trust arises when title to property is in one party’s name, but that party, because he or she is a fiduciary or gave no value for the property, is under an obligation to return it to the original title owner.” Pecore v Pecore (SCC). In 1969, Luisa immigrated…

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Splitting Pension Income in Case of Death

The CRA was asked whether, in the case of the death of a spouse, the other spouse would have the right to split the eligible pension income that he or she receives in a taxation year with the deceased.

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Combination Gift Plans

Combining estate plans and lifetime financial plans can be challenging, especially for individuals who have dedicated a significant portion of their estate to charity, for example 50% or more.  Wills are often drafted independently of lifetime financial plans.  The drafting lawyer may not ask the question “is it prudent and…

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In my last blog I began a discussion of multiple wills. I will continue that discussion in my next blog. For today’s blog, I will focus on two recently-announced tax measures that relate to planning for persons with disabilities. The measures were included in the legislative proposals relating to the Income Tax Act (“ITA”) released on September 16, 2016.

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Living Fully Before Dying

No one wants to have regrets. Dying patients shared their regrets in a blog post by a palliative care nurse. For me, these ‘regrets’ translates into food for thought and an action plan. Maybe it will for you too.

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Who Needs Tickets?

Who gets the Leaf tickets? This was the question the court had to determine in the recent case of Anspor Construction Ltd. v. Neuberger Estate (Trustee of)[1]. In this case, the court provided a good summary of the requirements to establish a bare trust and a purchase money resulting trust…

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Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential…

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