The charitable tax incentives for donations of certified Cultural Property – art and artifacts – is the richest in Canada. Cultural Property donations are exempt from capital gains tax and can be claimed against 100% of the donor’s net annual income over up to six years. The incentive is part…
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Capital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction. However, the beneficiaries of…
COVID-19 has hit the charitable sector hard, and arts organizations face particular challenges. A recent article in The Globe and Mail about the Banff Centre described closed facilities, lost fundraising, cancelled programs, layoffs, deficits, resignations, and protests. The article also mentioned a request to endowment donors for “permission” to use…
This Blog was written by Joanna Mazin, Estate and Trust Planning Lead at MD Financial Management Inc. which is part of Scotia Wealth Management In an age when it is becoming increasingly difficult to income-split, here is a planning strategy that could be available to high-income earners who are looking to provide tax-efficient…
This Blog was written by: Anne McFarlane, Estate and Trust Consultant, Scotia Wealth Management I have always loved celebrating the New Year. On top of the fancy attire, sparkly decorations, and fizzy drinks, it’s a time of reflection and reinvention. To think back to what went well in the year…
Most know that you don’t have to be legally married to have a “spouse” for income tax purposes, although legal marriage will work. If you have been living with someone in a conjugal relationship for 12 months or more regardless of your sex at birth, you will be considered spouses…
Can you donate the residual interest of a principal residence to charity? Absolutely! The question, however, is not can it be done, but should it be done. In most cases, the answer is no – especially for the charity. Structuring Options Let me address the structuring options first. It is…
In the recent decision of Hertendy v. Gault, 2020 ONSC 7555, the Court considered a mother’s summary judgment motion to set aside the transfer of her property to her daughter for no consideration. Facts: On October 28, 2011, Marian Hertendy appointed her daughter, Beverly Ann Gault, as her attorney for…
This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management To paraphrase a popular song this time of year: He’s making a list He’s checking it twice He’s going to find out whose naughty or nice … Santa Claus is coming to town He knows…
Generally speaking, real property (“property”) is often not specifically dealt with in a Will and therefore, it forms part of the residue of an estate. In this case, the executor is generally required to sell the property for cash as soon as possible, but this may not be the best…