All About Estates

Category: Interest

Total 41 Posts

TAX CONSIDERATIONS FOR GIFTS OF SHARES IN CANADA

Gwenyth Stadig, Natasha Barrett, Upama Poudyal, Abdullah Khalid, Amber LeBlanc all of Gowling WLG (Canada) LLP Canadian donors can donate a variety of types of property to “qualified donees” which gift can be eligible for donation tax credits. Subsection 149.1(1) of the Income Tax Act (“ITA”) defines the term “qualified…

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Because Lawyers Die Too: The Need for Mandatory Contingency Planning

Death will affect every one of us, ultimately. Incapacity may impact us. The inevitability of death and the possibility of incapacity makes planning essential. Failure to plan is planning to fail. This inevitability is behind recent Law Society of Ontario (“LSO”) By-law amendments that require lawyers in private practice to…

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Penalties Under the Income Tax Act – Executor Beware

As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are…

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And who shall I say is calling?

Reposted:  Most of us avoid talking about death, but in reality many of us think about it regularly. None of us know what the future brings but death is a certainty. We just don’t know when and how. The Jewish New Year (Rosh Hashanah) was recently celebrated, closely followed by…

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Life Interest or Licence to Use?

A person’s house is often their most valuable assets – both monetarily and emotionally. As a result, testators tend to put a lot of thought into who, and how, they wish to leave their house. However, as is always the case, best laid plans often go awry. One example of this, explored in the 2022 Court of Appeal of Ontario decision Barsoski Estate v Wesley, is when it is unclear whether the will gifts someone with a life interest in the house or a licence to use the property.

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The Something Wonderful Theory

I thought I would mix things up today and repost this blog, written by my son. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I believe in what I refer to as the Something Wonderful Theory. Since you never know when something wonderful is about to happen in your life, you might as live view each new…

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