Do digital assets e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens, qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue…
Category: Estate Planning
Total 1061 Posts
One of the concerns about the “estate donation” rules when they were introduced in 2016 is illiquid property would be harder to donate and administer. Perhaps the most challenging type of illiquid property is private company shares. Five years of experience with the system has validated some concerns and produced…
Alter-ego and joint-spousal[1] trusts are inter-vivos trusts commonly used in estate plans to hold legal title of assets for the benefit of the individual and/or their spouse, prior to death, accomplishing some of the following benefits: avoiding probate, providing privacy, expediency of inheritance distribution, and minimization of legal challenge on…
This Blog was written by: Hannah Zip, Estate and Trust Consultant, Scotia Wealth Management (Authors Note: this post was inspired by a presentation delivered by the Queer Seniors of Saskatchewan, and a big thank you goes to that advocacy group for sharing their personal experiences and stories to raise awareness…
As a Toronto native, I couldn’t help but listen to rapper Drake’s highly-anticipated new album Certified Lover Boy, which he released just a few weeks ago. In fact, it has been enjoying record-breaking streaming numbers from music fans around the world, amassing a staggering 153 million global Spotify streams in…
This Blog was written by Natalie Melanson, Estate and Trust Advisor at MD Private Trust Company which is part of Scotia Wealth Management As we are now nearing the end of September, we know or hear of many people who are in the middle of closing up their vacation homes for the…
One the biggest trends in philanthropy of the last thirty-years is the rise of donor-directed or restricted giving. Donors want more control, which typically results in more restrictions being placed on gifts. But there are risks of placing restrictions on a charitable gift by will. Failure and Cy Pres Simply,…
If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the…
The Canada Revenue Agency (CRA) has been asked on numerous occasions to weigh in on whether specific post-mortem planning implemented by taxpayers to avoid double taxation would result in a deemed dividend. In a recent ruling, the CRA concluded that it would not apply either specific tax rules or the…
In 1789, Benjamin Franklin, one of the founding fathers of the United States Constitution, provided the world with this great quote, “nothing is certain except death and taxes”. In 2021, John Oakey, the founding father of three Oakey children, is providing the world (or at least anyone reading this blog)…