All About Estates

Tag: In the News

Total 32 Posts

LIFE INSURANCE IN THE COVID-19 ERA

As someone who has been around the life insurance industry in a professional and personal capacity for several decades, I am always curious about what motivates people to buy or not buy life insurance. I understand that few people spend time thinking about the consequences of low-probability events and are…

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Low- Interest Environment: Time To Take Advantage Again.

In past blogs, we discussed income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such as marketable securities,…

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Home Buyer’s Plan and Disabled Family Member

In a recent blog, I wrote about the availability of Home Buyer’s Plan (HBP) to an individual after the death of her spouse who purchased the matrimonial home. In a recent Technical Interpretation (2019-0819671E5, D. Odubella), the Canada Revenue Agency (CRA) was asked by a taxpayer to review the availability…

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Disability Tax Credit Claim: Denied on Appeal

As many of you know the Disability Tax Credit (DTC) is a credit to income tax otherwise payable, available for those with a severe or prolonged impairment. It is meant to provide some relief from the additional costs and expenses incurred associated with the impairment. I have written in the…

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Time to Refreeze: Redux

The freezing of current share value so that your chosen successors can easily participate in the future growth of your enterprise is a common estate planning technique. What if the value of the frozen shares now exceeds the value of the enterprise as a whole? I wrote about this sometime…

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A note on Crypto Currency

Wikipedia defines cryptocurrency (or crypto currency) as a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central…

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10 WAYS TO ORGANIZE YOUR AFFAIRS BEFORE THE END OF THE YEAR

This blog is brought to you by Fatima Husnain, Student-at-Law, at Fasken  With the end of the year approaching, it is now a good time to ensure that your affairs are in order. We know this is a busy time of the year, but these few items can help protect…

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DEEMED TRUST: TAX DEBTS AND PROCEEDS OF INSURANCE

In Canada (A.G.) v Nortip Development 2019 NLCA 34, a company fell behind in remitting payroll withholdings and related amounts for several periods over a two-year period to the Canada Revenue Agency (“CRA”). Around the same time, a property with a mortgage owned by the same company, was destroyed by…

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Embryo Freezing Costs: Medical Expense Tax Credit Extended to Same Sex Couples.

The Income Tax Act (“ITA”) generally permits as an eligible medical expense of an individual, an amount paid to a medical practitioner, dentist, or nurse or a public or licensed private hospital for medical or dental services provided to a patient. Medical services are diagnostic, therapeutic or rehabilitative services that…

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Source of Income and the TOSI Rules: Clarification?

Since the Tax on Split Income (“TOSI”) legislation was released, there has been considerable consternation amongst professionals as to how the rules apply. Even the most sophisticated readers of the legislation agree that it contains provisions that are both ambiguous and somewhat complicated. Somewhat out of exasperation, many deal with…

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