No, the government did not eliminate or claw back the principal residence exemption in the 2021 Budget, as had been speculated. Yet, there is a circumstance in which a taxpayer could face an unexpected tax burden in respect of a principal residence: when there is a change in use of a…
Month: June 2021
Total 19 Posts
I speak with adult children daily who call because they are concerned that their parent is not doing well and they feel, needs help. I have found that the refusal to accept help may fall into a number of different categories. Denial: Refuse to accept reality of the situation Responsibility:…
Today’s blog was written by Aniket Bhatt, law student at Fasken LLP Court proceedings are presumptively open to the public. As a result, matters in a probate file are no exception. For example, obtaining a certificate of appointment of an estate trustee in Ontario is a public court proceeding. However,…
This Blog was written by: Dave Madan, Market Lead and Manager, Scotiatrust Estate planning has evolved recently. We have learned how our digital accounts are affected by our plan, how to deal with online accounts such as PayPal, Facebook, Google, and Apple, however, it has continued to evolve even further….
On June 11, 2021, the Supreme Court of Canada released its highly anticipated decision in Sherman Estate v. Donovan. Background The facts of the case have been widely publicized. Barry and Honey Sherman, a prominent couple, were found dead in their home in December 2017. Their deaths, treated as homicides,…
If a business is successful, it will eventually have excess cash retained in the company that is not necessary for the operations of the business. Two options for this cash is to distribute the excess to the shareholder(s) as a dividend, but that would result in personal tax being paid…
It does seem like only yesterday because, while time has not stood still, sometimes our sentiments don’t change. The event and message is the same. It is a few years later and there is a new US golf champion. We still however miss those who are no longer around. It…
Today’s blog deals with the transfer of the ownership and license of pleasure crafts to a named beneficiary in a Will. Before I get into the process of transferring the ownership and license of a pleasure craft registered in the Canadian Register of Vessels (Please note: not all pleasure crafts…
What is Hotchpot? In estates law, “hotchpot” is a legal term of art.[1] It is an umbrella term that covers a few related concepts (e.g., a hotchpot clause, common law presumptions of hotchpot, intestacy legislation on the same). In essence, the purpose of hotchpot is to prevent one beneficiary from…
Several years ago, I wrote about probate planning involving the use of joint accounts. At the time, my father-in-law had just passed away and my mother-in-law, who survived him, was intent on paying the least amount of Estate Administration Tax (EAT). Jointly held property with a spouse or with one…