There are many ways that we “live on” after our death – through memories, through words of wisdom we’ve shared or gifts we’ve given. Possibly the most tangible way for this to happen is to become an organ and tissue donor.
The principal residence exemption allows a Canadian taxpayer to shelter the capital gains realized on the sale (or other disposition) of a property that meets the definition of a “principal residence” in the Income Tax Act (Canada). Over the years the rules related to claiming the exemption have been tightened up. For example, up until 1982 where two spouses owned different principal residences, each could claim the exemption over their respective property. This was changed in 1982, such that each family unit can only have one principal residence for a given time period.
We prepare for marriage, child birth however many of us seem to have difficulty planning for older age. Let’s hope we all get there!
My colleague, Audrey Miller, recently blogged about the trend in adult children looking for someone to live with their elderly parent in exchange for free rent (albeit the living arrangement may require light caregiving). In her blog, Ms. Miller highlighted the costs associated with care provided by care agencies, and…
Until recently, an individual selling his or her “principal residence” did not have to report anything on their tax return for the year of disposition. This is about to change.
A colleague of mine previously blogged about the importance of taking care of business so that you don’t leave a mess for your family and the courts, using the late famous musician, Prince, as an example for failing to plan for death. Since Prince’s passing in April 2016, no will…
Nothing like a family dinner to remind us how complicated families can be. Any family members no longer speaking? If you live in a different city than your parents or haven’t spent time with them for a while, the time spent together during the holiday can allow you to see how well they are managing. Be aware of the small things and things that are different.
In a recent court of appeal decision, the court upheld the trial judge’s costs award and reiterated the deference allotted to trial judges when exercising discretion to fix costs. In Prelorentzos v. Havaris, the court dismissed the appellant’s appeal. At trial, the appellant was found to be the deceased’s common…
Which medical professionals can certify on a Disability Tax Credit Certificate (“Form T2201”), that an individual has a severe and prolonged impairment in physical or mental functions? Can a registered oral surgeon or other oral specialist, licensed to be so by a provincial body be considered to be a medical…
In Tibble v. Edison International , the beneficiaries of a pension plan sued the plan fiduciaries to recover damages for the alleged losses suffered by the plan from alleged breaches of the defendant’s fiduciary duties, namely, duties to invest prudently and loyalty.
