All About Estates

Category: Investments

Total 101 Posts

Inheritance and Tax

There is renewed discussion on whether Canada will become another jurisdiction where specific gift or estate taxes will be imposed on inheritances. There is speculation that the discussion will lead to something concrete as early as next week’s Federal Budget. In the meantime, there are situations where inheritances can come…

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TFSA’s and Non Resident Penalties – An Update

A couple years ago, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you…

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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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POST MORTEM PLANNING: AGAIN MORE GOOD NEWS

CRA will allow post-mortem pipeline transactions to continue, which will allow individuals to avoid double tax on disposition of certain assets.

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CPP: TO DEFER OR NOT DEFER

For several years now, clients and contacts (with more frequency of late, and that’s no accident) have been asking me: “Hey Steve, I am turning 65 shortly, do I apply for CPP now or do I wait – what makes more sense financially” Based on analysis provided by experts in…

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SOME TAX TIPS IN THE COVID ERA

Our epidemiologists and public heath officers are warning us gently that the dreaded virus will be with us for awhile. Nevertheless, we are all hoping that our economy will recover soon (and to some extent our financial markets have), but it appears asset values in general may be depressed for…

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Estate Planning for the Family Cottage

Much has been written in this blog space and many others on this topic. Several times a year (in some years more often than others), we are asked in our practice about to advise on succession or estate planning issues for the family cottage. I was recently alerted to a…

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Can a Prudent Investor have a Green Thumb?

This blog was written by Raluca Gondor You’re named executor of a green estate. You’ve arranged for a green burial in one of Ontario’s seven green cemeteries, have identified environmental charities in line with the testator’s wishes, and are now left to handle the estate’s investments. You’ve just arrived at…

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Someone else’s tax bill – Sometimes there is no getting away from it!

In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as…

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BARE TRUSTS

A bare trust, also referred to as a naked trust, exists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust. The sole…

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