I previously blogged about the new qualified disability trust (“QDT”), which became law on January 1, 2016. In my previous blog, I left a discussion of the “recovery tax” for another day. Looking outside as I write this, it appears the proverbial rainy day has arrived!….
THE RECOVERY TAX BLUES Continue Reading »
Estate PlanningI write as a clinician directed by case law or statutory law when assessing the capacity of a testator or an individual executing Powers of Attorney. The criteria set out in case law (Banks v Goodfellow) for testamentary capacity have traditionally been weighted toward the notion of “what” the testator knows about their assets and their potential beneficiaries. To be fair, there is a provision (somewhat vague) about the appreciation….
Fellow bloggers and I have written in the past about how income from a Trust is not deemed payable to a beneficiary (pursuant to relevant sections of the Income tax Act) unless it has been paid to the beneficiary or the beneficiary has the legal right to demand payment during the year. Recently, the Canada Revenue Agency (“CRA”) was asked to review a hypothetical situation related to this issue which….
INCOME FROM TRUST – WHEN PAYABLE IS NOT PAID Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Tax Issues, Trustee, TrustsOn February 10, the CRA released a circular on Registered Disability Savings Plans (RDSPs, or RDSP, in the singular). A RDSP is a plan that provides savings for individuals eligible to receive the disability tax credit (DTC). To qualify for the DTC, a physician must certify that the intended recipient has a “severe and prolonged mental or physical impairment”…..
Newly Released RDSP Circular Continue Reading »
Canada Revenue Agency, Estate Administration, Estate PlanningWe all know someone who has taken ill or has been critically injured. No one expects that life as they know it can change drastically from one moment to the next. How can you plan for the ‘unknown’?….
Planning For The ‘Unknown’. Continue Reading »
Disability, Elder Care, Geriatric Care Management, In the NewsThe sale of a 1957 Ferrari 335 Sport Scaglietti for 32 million euros (about $35.8 million US, or $50.2 million Canadian) earlier this month set the record for the most expensive car ever sold at an auction, the New York Times reported. It also made waves for what the Times reports as a new method of reducing estate taxes – using selective data to undervalue precious collectibles and vintage cars….
Sale of Ferrari Highlights an Estate Tax Avoidance Method Continue Reading »
Estate Administration, Estate Administration and Probate Applications, Estate Planning, Succession Planning