All About Estates

Category: Uncategorized

Total 178 Posts

Changes Are Coming to the Ontario Disability Support Program

In July, the Ontario Minister of Children, Community and Social Services (“Minister”) announced that the provincial government was set to spend 100 days developing a plan “to reform social assistance so it helps more people break the cycle of poverty, re-enter the workforce and get back on track.” [1] At…

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Art and Fair Market Value

Fall art auction week in Toronto is just past. The biggest is run by Heffel Fine Art Auction. The results for the two Heffel auctions illustrate the challenge of determining fair market value in art. The auction catalogue listed a number of estates and charitable foundation as consignors. Clearly art valuation…

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Limiting the Limitations Act

Estate trustees must be ready at all times to account for their management and administration of an estate.  There is no statutory requirement for an estate trustee to formally pass his or her accounts.  However, the court may order an estate trustee to do so.  As part of the estate…

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Electronic Beneficiary Designations: an Interesting Change to the Pension Benefits Act

On November 15th, the Provincial Government released the Fall Economic Statement, and its accompanying implementation Bill. Bill 57, Restoring Trust, Transparency and Accountability Act, 2018,[1] contains 45 schedules, each relating to amendments to a different statute. Buried in Bill 57, in a single line of Schedule 33, is an interesting…

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Democracy – The Right to Vote for a Dead Guy

A dead Republican pimp has won a state assembly seat in Nevada – How’s that for an attention-grabbing opening? Election season in the U.S. has wrapped and it turns out that as much as we wanted to, Canadians were not allowed to vote. But this is an estates blog after…

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Estate Considerations for YouTube and Twitch “Partners”

Today’s blog was co-written with Demetre Vasilounis, Student at Law at Fasken LLP. It is now a given that, in the 21st century, estate planners should pay attention to how clients deal with their digital assets. This is true whether such digital assets consist of social media accounts (Facebook, Twitter,…

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

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…

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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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