All About Estates

Tag: estate planning

Total 242 Posts

Use of Cottage By Children of Settlor of an Alter Ego/Joint Partner Trust

Both alter ego and joint partner trusts (the trust) allow a settlor to transfer capital assets into the trust on a tax-deferred basis if the following conditions are met: The trust is created after 1999. The settlor is at least 65 at the time of creation. In the case of…

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Section 16(b) of the Succession Law Reform Act: A Different Kind of Spousal Election

In Ontario, s. 15 of the Succession Law Reform Act (the “SLRA”) provides that a Will is revoked by a subsequent marriage of the testator. Practitioners who are meeting with a client in the weeks leading up to his or her marriage will often prepare a Will that contains a…

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You’ve Got Mail – Part Three

In my final blog post of my three part series [link to Part one and Part two], I’ll look at what to consider when a parent or guardian is notified that their minor child has an interest in an estate. Such interest, as discussed in my other blogs, may be…

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Subsection 164(6) – Time Limit for Dispositions

The Canada Revenue Agency (CRA) was asked to consider allowing more time to allow for the application of a common post-mortem planning rule in those situations where delays in the probate process have caused a delay in the timing of the disposition of the properties of an estate. The request concerns…

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FAMILY TRUSTS AND DISTRIBUTIONS OF CAPITAL GAINS

Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction. However, the beneficiaries of…

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Legislative Amendments Proposed in Light of Calmusky

On March 16, 2020, the Superior Court of Ontario released its decision in Calmusky v Calmusky. In Calmusky, the Court applied the presumption of resulting trust to a RIF that was designated to a particular beneficiary. The beneficiary was unable to rebut the presumption, and the Court ordered that funds…

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New Year, New Encounters

Another year, another lockdown. It was not my intention for my first blog of 2021 to concern COVID-19 but, alas, here we are. Although COVID-19 continues to impact our daily lives, new measures have been implemented by the Courts and by Legal Practices to allow us to continue to properly…

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When Are You Married?

Most know that you don’t have to be legally married to have a “spouse” for income tax purposes, although legal marriage will work. If you have been living with someone in a conjugal relationship for 12 months or more regardless of your sex at birth, you will be considered spouses…

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Do Personalty Clauses Cover All Personalty?

Today’s blog was written by guest blogger, Yvonne Mazurak, Articling Student at  Fasken LLP. With today being Black Friday, it seemed appropriate to write a post about things. Afterall, many of us will likely spend some time this weekend taking advantage of Black Friday deals and buying things for our…

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To Take Flight or Not to Take Flight, That is the Question!

A recurring mantra of many people is the phrase that they “need to get their affairs in order” when significant life events occur, when they are planning a trip or when they simply wake up one day and realize they don’t have a Will and they aren’t getting any younger….

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