All About Estates

Category: Estate Planning

Total 592 Posts

Milne Estate (Re)visited

Today’s blog was co-authored by Joanna Lindenberg and Ronald Neal The decision of Milne Estate (Re) (“Milne”) caused a stir among the members of the estates bar and solicitors who draft wills, going so far as to illicit an alert from LawPRO. While the Milne decision (which is under appeal)…

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Source of Income and the TOSI Rules: Clarification?

Since the Tax on Split Income (“TOSI”) legislation was released, there has been considerable consternation amongst professionals as to how the rules apply. Even the most sophisticated readers of the legislation agree that it contains provisions that are both ambiguous and somewhat complicated. Somewhat out of exasperation, many deal with…

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Foundations with Donor Advised Funds

The current Special Senate Committee on the Charitable Sector seems to be quite interested in “donor advised funds” or DAFs. In particular, members of the Committee are suggesting that the Income Tax Act should be changed to require individual funds to have minimum disbursement quotas and separate regulatory reporting. This…

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Safe Income and an Estate

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…

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

  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…

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

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…

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Have You Considered Your RESP in Your Estate Plan?

This Blog was written by: Alicia Godin, Estate and Trust Consultant, Scotiatrust A Registered Education Savings Plan (an “RESP”), is a type of tax deferred savings plan that parents, grandparents and other adults can open to save for the cost of a beneficiary’s post-secondary education. The beneficiary of an RESP…

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Creation of a Trust

The Canada Revenue Agency (CRA) provided guidance on when a testamentary trust is considered to have been created for purposes of the 21 year deemed disposition rule. A trust is deemed to have disposed of its capital property for proceeds equal to the fair market value of the property at the…

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Donation Shelters: A Tale of Financial Misadventure

Due to my conservative nature and my belief that something that looks too good to be true often is, I have been always nervous about people participating in what appear to be very aggressive charitable donation shelters and people who promote them, particularly shelters which appear to catch the attention…

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Esther the Pig and Animal Sanctuaries

I am fortunate to work with many animal lovers on their philanthropic estate plans. They are interested in a wide range of  animals and issues. A recent article in The Walrus magazine about the animal sanctuary, registered charity and social media phenomenon Happily Ever Esther Farm Sanctuary highlights a number of…

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