All About Estates

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Total 262 Posts

The Principal Residence Exemption and Trusts for Disabled Persons Revisited

In 2016, the federal government introduced changes to the definition of “principal residence” in the Income Tax Act (Canada). The changes significantly restricted the types of personal trusts that are eligible to claim the principal residence exemption (“PRE”). As a result of the changes, only three categories of personal trusts…

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When is a Dividend Not a Dividend?

In Trower v. the Queen, 2019 TCC 77, the Company was privately held by the taxpayer and her spouse (49% and 51% respectively) until the taxpayer ceased to be shareholder in the Fall of 2016, pursuant to a separation agreement between the spouses. The company prepared and filed a T5…

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Tomorrow is GivingTuesday

This past weekend was the American Thanksgiving.  In Canada we knew it was their Thanksgiving because advertising for  Black Friday sales was everywhere.   First it was on Friday, then it included Saturday and Sunday and now we have Cyber Monday.  What a concept!  While I tried not to be taken…

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No, You Can Not Visit Your Mom, Dad…..

There was a recent CBC news article, dated Nov 23 2019, which reported that The Trespass Act was used illegally to keep families away from their loved ones, as they were speaking out about about conditions in Long Term Care and retirement residences where their loved ones lived. The article…

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Inadequate Execution of a Will led to Court Dispute

In Bayford v. Boese 2019 ONSC 5663 the deceased Mr. Boese was the sole owner of a farm in Eastern Ontario he inherited from his parents. He never married and had no children. For two decades prior to his death, Mr. Boese was assisted in the operation of the farm…

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Application of Reasonable Return – TOSI

The Canada Revenue Agency (CRA) was recently asked their view on whether the “reasonable return” exception in would apply to preclude the application of the tax on split income (“TOSI”) rules. An adult individual who is resident in Canada (“Spouse A”) incorporated a company (“Opco”) to operate a non-services business….

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Transferring Wealth During Your Lifetime

I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method…

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Trick or Treat – Estates Edition

This blog was co-written by Frederick Krueger Imagine you’re the executor of a horror writer’s estate. Everything is going to charity, except for his amazing summer house, which has been left to his ex-wife. The couple had a very messy divorce, but the ex-wife loved that home more than anything….

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Dementia and MAID

Medically assistance in dying (MAID= Bill C14) for eligible Canadians was passed by federal legislation in June 2016.  To recap, eligibility includes: Being 18 years and older and mentally competent Having a grievous and irremediable medical condition Making a voluntary request for MAID that is not the result of outside…

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Alberta’s Supported Decision-Making Authorizations

This blog was written by Isabelle Cadotte – Estate and Trust Consultant with Scotia Wealth Management We’re all familiar with Wills, Enduring Powers of Attorney and Personal Directives but have you heard of Supported Decision-Making Authorizations (SDMAs)? SDMAs are available in Alberta for adult individuals who have mental capacity but…

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