This blog has been written by Darren Lund, a partner at Fasken LLP In Ontario, trust law and family law have for some time taken very different approaches to valuing the interest of a beneficiary in a discretionary family trust. For trust lawyers, a beneficiary’s interest in a discretionary family…
Category: Estate Planning
Total 915 Posts
Today, over half of Canadians own a pet. However, a recent survey shows only 7% of pet owners have made formal arrangements for them. If there is no provision in your estate plans, your beloved pet might not be taken care of in the manner to which they’ve become accustomed.
Earlier this week, our group gathered to celebrate our colleague’s impending arrival of a new baby. It was a delightful occasion, with cake, presents, and well-wishes. Of course, conversation naturally turned to the preparations that our team member has made for her new addition. Parents-to-be typically spend a lot of…
The small business deduction is a key tax incentive for entrepreneurs of small businesses. If the corporation qualifies as a Canadian controlled private corporation (commonly referred to as CCPC), the net federal tax rate for active business income is 9% on the first $500,000. The Income Tax Act (the “Act“)…
Recently, I returned for my fourth annual presentation to a group of older gentlemen about planning for the last decade of life. With more than fifty in the audience each year, the participants are a good cross-section of men in their 80s. They are a lively, well-informed group of retired…
Today’s Blog was written by Jessica Butler, Law Clerk at Fasken LLP. Nicolas Puech (“Nicolas”), the 80 year old fifth-generation descendant of Thierry Hermès, founder of renowned fashion house, Hermès, made headlines in December when he announced that he plans to bequeath at least half of his fortune to his…
This post was written by Alicia Mossington, Estate and Trust Consultant with Scotiatrust. Specialists in estate planning recognize the value and importance of having a well-prepared estate plan. Many of my fellow authors have articulated the importance of a comprehensive will and estate plan. Those involved in estate administration have…
Andrew Coates, Associate, Gowling WLG (Canada) LLP Today was supposed to be the due date for untold numbers of T3 returns and Schedule 15s for trusts known as “bare” trusts in existence on December 30, 2023. Not only was it going to be the first year that the Canada Revenue…
I once lost a seat in business class to an alleged Emotional Support Animal (“ESA”). The dog’s owners arrived for a flight in which they were apparently ready to put their alleged ESA, Woofie Goldberg[i], into her carrier and stow her under the seat in front of their own seats….
Corporately-owned life insurance is viewed as a key strategic option in tax and estate planning, notably for business owners. There are several strategic reasons to consider corporately-owned insurance as part of the estate plan, such as equalization among the beneficiaries of their estate or to fund the taxes triggered on…