All About Estates

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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The Final Goodbye

Further to my last week’s blog on ‘getting ready for the final scene’, my lovely 94 year old client died this past Saturday. I really can’t say it was a peaceful death as it seemed to be a very long and difficult journey. She could no longer eat or drink…

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In the Wake of Canada Without Poverty: Next Steps for Charities and Political Activities

Today’s blog comes to you from Student-at-Law, Jake Woloshyn In the 2018 Ontario Superior Court of Justice case, Canada Without Poverty v AG Canada, 2018 ONSC 4147 (Canada Without Poverty), Morgan J. held that the Canada Revenue Agency (CRA) interpretation of the ‘substantially all’ condition in s. 149.1(6.2) of the…

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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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Interpreting “Per Stirpes” In Ambiguous Wills

“The ghosts of dissatisfied testators,” a Chancery judge once noted, “Wait on the banks of the Styx for the judges who misconstrued their wills.” As such, the court will take great care to ensure that wills are properly interpreted, even if they are oblique or confusing. This was the situation…

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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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Getting Ready for the Final Scene

While the majority of my work is assisting with the living process, these past few week has been occupied with planning for the dying process. I am currently working with two wonderful ladies who have both been assigned palliative care physicians. One who is lucky enough to be home and…

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Statutory Guardianship of Property vs. a Continuing Power of Attorney for Property: They are not the same!

My June 2017 blog described that most seniors appoint a continuing power of attorney for property (CPOAP), partly to avoid having the Office of the Public Guardian and Trustee (OPG&T) assume the role of statutory guardian of property under the Substitute Decisions Act (SDA) or the Mental Health Act (MHA)…

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Out-of-Date? You Could be Out of Luck!

          This Blog was written by: Emily Racine It is a hard truth that after a client confirms they have a will done, the first comment to follow is often “but it was done years ago”. The reality is that even when clients have a will,…

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Unexpected Death? Apply for an Extension

Death is difficult to control. It has also proved impossible to avoid. However, married spouses are given greater options than the rest of us – they can choose to inherit their deceased partner’s estate under the Succession Law Reform Act or the Family Law Act. When a married spouse dies…

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