July 2014

The rock star Sting recently announced that his six children will not receive his US$300 million estate. Although he was a bit vague about the ultimate destination he intimated it would be charity. We’ve seen versions of this story before. In the tradition of Warren Buffett — “I want to give my kids just enough so that they would feel that they could do anything, but not so much that….

The Canada Revenue Agency was asked in a technical interpretation whether changes may be made to a loss application after the end of the normal reassessment period where a nil assessment was issued. The Agency’s response gives hope to executor’s with an interest in making adjustments to the prior year tax filings of a deceased person. In general terms, the Income Tax Act provides that the Minister may not reassess….

As a lawyer whose area of expertise is estate planning I am often asked about “simple” strategies to avoid or reduce the amount of probate taxes that may be payable on an individual’s death. (Probate is the process to confirm the validity of an individual’s Will. It is not always needed in order for an executor to be able to administer the assets of an individual’s estate. If it is….

Last week I had the pleasure of presenting as part of a panel at an Estate Planning Workshop organized by Mr. Christian Steinbock from Dominion Securities. I was joined by Ms. Indra Bharat, Financial Planning Consultant with RBC and Mr. Ismail Barmania, Estates and Trust lawyer at Barmania-Lawyers. It was an informative evening and as discussions continued regarding elder care issues and the importance of having Powers of Attorney in….

Do you wonder why many seniors are reluctant to discuss estate planning with their children? There is the obvious awkwardness of talking about death but also the potential for financial vulnerability. A recent Ipsos Reid survey, commissioned by HomEquity Bank, says 35 per cent of Canadians are “waiting” for money left behind in a will to fund their retirement. Another 45 per cent are not expecting an inheritance, while the….