All About Estates

Tag: Brittany Sud

Total 30 Posts

Creation of a Testamentary Trust for Purposes of the 21-Year Deemed Disposition Rule

Last week I was fortunate to be able to attend STEP Canada’s 20th National Conference, along with 780 other trust and estate practitioners.  This was my third consecutive year attending the Conference, and yet again, it did not disappoint.  Individuals from not only across Canada but also around the world…

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The Toronto Maple Leafs and “Pour Over” Clauses have something in Common

With the Toronto Maple Leafs season ending earlier this week, I thought I would take this opportunity to discuss the recent B.C. Supreme Court ruling involving the estate of former Leafs head coach, Pat Quinn (“Pat”). On March 9, 2018, B.C. Supreme Court Justice Funt declared the “pour over” clause…

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Federal Budget 2018 – Overview of Personal Income Tax Measures

On February 27, 2018 (“Budget Day”), the Federal Government tabled the third budget (“Budget 2018”). This year’s budget focuses on continuing to strengthen the middle class and economic growth.  The following are some of the notable personal income tax measures proposed in Budget 2018, which relate to qualifying plan holders…

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Income Splitting Loans and what you should know (and do) prior to April 1, 2018

Under the Income Tax Act R.S.C., 1985, c. 1 (5th Supp.), there are certain income-splitting arrangements that are available when a loan is made from an individual to his/her lower income spouse/common-law partner and when a loan is made to a discretionary family trust, the beneficiaries of which include minor children….

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New Year, New You?

Most peoples’ new year’s resolutions include going to the gym more often, eating healthier, losing weight, spending more time with family and friends, saving more money and getting more sleep, to name a few, but what about reviewing your estate plan? If you have experienced any significant changes in your…

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Powers of Attorney for Property: An In-Depth Review

My previous blog ended with the following sentence: “Where a power of attorney for property is effective upon execution, proper safeguards should be put in place to ensure the power of attorney is not inappropriately acted upon”. This blog will expand on the meaning of that sentence. Where a power…

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Sibling Rivalry Over Mother’s Competency

In 2009, Hermine Wekerle, mother of financier and Dragon’s Den star, Michael Wekerle, signed an unconditional power of attorney for property giving one of her three daughters, Caron, authority to be her substitute decision-maker. In 2016, acting under the power of attorney for property, Caron agreed to sell a little…

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Latin Terms, “Per Stirpes” and “Per Capita”, Still Present in Wills

Estate planners commonly use the Latin term, “per stirpes”, when drafting wills, but most lay people have no idea what the term even means. This arcane term differs from the less commonly used, but still present, Latin term, “per capita”.  It is important to understand the difference between these two…

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Canadian Snowbirds Buying U.S. Property

Canadian snowbirds flock to Florida to assess the damages caused to their vacation homes following Hurricane Irma. For those who find their homes destroyed by the powerful storm, they may wish to buy new properties altogether.  There are various ways to buy a vacation property in the U.S. and things…

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Morneau Stands Firm on Tax Proposals

Minister of Finance Bill Morneau (“Morneau”) met with small-business owners in British Columbia earlier this week to hear their complaints about and concerns with the tax proposals which were launched on July 18, 2017. With a consultation process of only 75 days, doctors, farmers, small business advocacy groups and various…

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