All About Estates

Category: Uncategorized

Total 278 Posts

Registered Education Savings Plans: Back to Basics

Registered Education Savings Plans (RESPs) are tax-deferred education savings vehicles designed to assist parents (or other family members and friends) to save towards a beneficiary’s post-secondary education.  A contract is entered into between a subscriber (i.e., parents) and a promoter (i.e., bank or trust company), whereby the subscriber contributes funds…

Continue Reading

Fiduciary Investing Series – Don’t REIT around the bush

This blog has been written by Robert Boyd, Director, Scotiatrust Real Estate Investment Trusts, or REITs as they are commonly referred to, are companies that own real estate which generate an income. They can be a useful investment vehicle as they are often well diversified and can allow an individual…

Continue Reading

Intestacy Reform Overdue in Ontario?

Saskatchewan recently amended its intestacy rules through the enactment of The Intestate Succession Act, 2019 (the “Act”), replacing the former 1996 statute. “Intestacy rules” are the rules that govern the division of a deceased person’s estate if the person dies without a will, or a portion of an estate if…

Continue Reading

Fiduciary Investing Series – Powers of Attorney and Investment Portfolios

  This blog has been written by Robert Boyd, Director, Scotiatrust. When one assumes the role of power of attorney for property, it is often taken as a duty or even an honour. The fact that someone is willing to bestow the responsibility to take care of their financial affairs…

Continue Reading

Can You be Removed as a Trustee Without a Replacement?

The recent case of Novak v. McDougall, (2019 SKQB 261), confirms that when you have accepted an appointment to be trustee, you may not be able to have yourself removed from that appointment without a suitable replacement. The applicant in this case, a beneficiary of a “Henson” trust (basically defined…

Continue Reading

Estate Donations to Government

The title of this blog may provoke laughter, or perhaps, just head-shaking disbelief.  But estate donations to various levels of government do happen. The trick is to ensure that the donor’s intentions are carried out. The Crown – i.e. federal and provincial governments – and Canadian municipalities are qualified donees…

Continue Reading

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…

Continue Reading

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…

Continue Reading

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…

Continue Reading

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…

Continue Reading