November 2018

Safe Income and an Estate

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In a recent technical interpretation, the Canada Revenue Agency (CRA) made the point that safe income of a corporation owned by a person that died did not flow through to the estate of that person.  The reason was not clearly stated but appears to be that the safe income became encompassed in the adjusted cost base of the shares to the estate. The situation described in the technical interpretation involved….

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Canada Revenue Agency, Estate Planning, Tax Issues

November is……..

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November is Make a Will month in Ontario; National Diabetes month and National Family Caregivers month in the States; Osteoporosis awareness month in Canada, and Movember for men’s health awareness. However most fitting for today is Remembrance Day, symbolized by the poppy. Remembrance Day is a significant day in the lives of many who endured the challenges of living during war times. As benefactors of their sacrifice, we sometimes forget….

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Elder Care

The “Rule of Convenience”: Why Legacies May be Subject to 5% Interest

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Today’s blog is being brought to you by our guest blogger, Anna Chen. It is a long-standing common law rule that a personal representative has one year after a deceased’s death to wind up the estate. Referred to as the “executor’s year”, the rule is intended to give the personal representative some time to administer the estate before beneficiaries have a legal entitlement to demand payment. A related and similarly….

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Uncategorized

My First and Only (Kind of) Experience with the Declarations of Death Act

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  This blog was written by Sally Lee, LLB – Estate and Trust Consultant with Scotia Wealth Management. When I was in private practice, I worked on a probate file where the deceased was declared dead pursuant to subsection 2(5) of the Ontario Declarations of Death Act.  He was missing for at least seven years and his family members made the application to the court.  I did not work on….

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Estate Planning, Family Conflict, Uncategorized

Not So Fast – Who Controls the Body?

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“He knows where the bodies are buried” is a throwaway line from Orson Wells’ cinematic masterpiece, Citizen Kane. That line soon took on a life of its own and entered the cultural vernacular. In the world of estates, a more frequent problem is not finding the bodies but deciding where to bury the bodies. In Miller v. Miller, 2016 ONSC 6625, Justice Myers of the Ontario Superior Court of Justice….

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Estate Administration, Estate Litigation, Executors, Family Conflict, Funeral Planning, Succession Planning, Wills

Fair Market Value Used to Test the Meaning of All or Substantially All of the Assets Used in an Active Business

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Under The Income Tax Act (“ITA”), if a taxpayer disposes of property that is all or substantially all of the assets used in an active business for consideration that includes shares of a corporation, the shares are deemed to be capital property. The disposal is considered to be a capital gain and may be eligible for the lifetime capital gains exemption for qualifying companies. This is a very important piece….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Small Business, Tax Issues, Uncategorized
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