January 2017

TAX FREE ROLLOVER “WRINKLES”

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Some recent technical interpretations from the Canada Revenue Agency (“CRA”) remind us that tax free rollover of retirement plans have to be carefully planned and executed to get the desired result. Here are a couple of cases in point: Rollover of a Registered Pension Plan (“RPP”) to an infirm dependent child In a recent technical interpretation, CRA concluded that where a RPP lump sum death benefit is paid from the….

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Canada Revenue Agency, Dependant Support, Estate Administration, Investments, Tax Issues

Ontario’s Dementia Strategy and A DementiaHack!

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Tomorrow is the last day of Alzheimers Awareness Month in Canada. Over the last several years I have shared many blogs on the crisis of dementia. It is a disease that impacts everyone and with science helping us to live longer, we need to appreciate that for some, they may feel that they are not living at all. I have discussed both the economic and financial cost to providing care….

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Disability, Elder Care, Elder Law, Geriatric Care Management

Testamentary Letters of Wishes – Part 1

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The disposition of a loved one’s personal and household items can be a source of disagreement and upset among family members during an already emotional time. There is much that the estate planner and his or her client can do to minimize any discord that might arise during this process. A powerful planning tool in this regard can be a letter of wishes. A letter of wishes appeals to many….

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Uncategorized

Ðo STARs appear bigger in the Caribbean?

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This Blog was written by: Gosha Sekhon   When I think of the Cayman Islands, I picture sandy beaches, warm temperatures, high-end lifestyles, and since it’s the dead of January, did I mention warm temperatures? More often the Islands are also seen as a tax haven, having never levied income taxes, capital gains taxes or a wealth tax.   What might come to mind less often when thinking of the….

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Uncategorized

Replacing an Estate Trustee

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With minimal restrictions, a testator can appoint whomever they wish as their estate trustee.  However, as our avid readers may know, a testator does not always make the best choice.  In such cases, section 5 of Ontario’s Trustee Act gives the court the power to appoint a new estate trustee (or estate trustees), either in substitution for or in addition to the existing estate trustee(s). Justice Myers’ decision in Laski….

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Uncategorized

Settlement Payments Determinable After Death

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The Canada Revenue Agency (CRA) was asked whether certain settlement payments are taxable in the hands of the deceased taxpayer where a taxpayer dies prior to obtaining a determinable right to the payments. A class action lawsuit was brought forth on behalf of former members of the Canadian Forces.  A 2013 Court Order outlined the terms of the settlement of the class action lawsuit, with the exception of one outstanding….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues
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