March 2016

Recognize, Reject and Report!

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March is fraud prevention month.  Fraud is an equal opportunity crime. Fraud targets individuals of all ages, ethnicities and walks of life.  Businesses large and small can also fall victim.  That being said, seniors are particularly vulnerable.  Fraud is the leading type of crime experienced by older Canadians. According to the Government of Canada, at a site titled  What every older Canadian should know about: Fraud and scams, seniors are….

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Elder Care, Estate Planning

MEANING OF SPOUSE

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For those of our readers who are a “spouse”, have you ever considered whether you remain a spouse after the death of your spouse. This was the issue the Tax Court of Canada had to consider in the case of Kuchta v. The Queen, 2015 TCC 289. In particular, the Court considered the meaning of the word “spouse” in the context of the provisions under ss.160(1) of the Income Tax Act, R.S.C., 1985, c. 1 (5th Supp.) (the “Act”). ….

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Spouse

Court of Appeal Upholds Testamentary Freedom

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Today’s blog is written by guest blogger Adam Parachin, Associate Professor at the Faculty of Law at the University of Western Ontario.

The Ontario Court of Appeal has released its decision in Spence Estate (Re) 2016 ONCA 196. In reversing the lower court holding of Justice Gilmore, the Court of Appeal confirmed – wait for it – that testators are not obligated to benefit the persons they are not obligated to benefit. The most astounding feature of the judgment is that it was necessary in the first place…..

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Estate Litigation, Executors, In the News

CAPITAL DIVIDENDS FROM A TRUST TO NON-RESIDENTS – TAX ISSUES

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Subject to the relevant sections of the Income Tax Act, a Canadian private corporation has a special corporate tax account known as a capital dividend account (“CDA”) which gives shareholders designated capital dividends, tax free. The CDA of a corporation may include the non-taxable portion of the company’s capital gains, proceeds of life insurance policies on death and capital dividends received from other companies. While a capital dividend is normally….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, U.S. Citizen, United States

Don’t let inheritance issues tear your family apart

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I was recently drawn to the Life section of the Toronto Star –  more specifically the “advice column” – by a compellling headline; to wit: “Don’t let inheritance issues tear your family apart”.  So far, sound advice. However, the author went on to provide some inaccurate information on Powers of Attorney to the “upset granddaughter” who’s concerned about another family member’s “dwindling the inheritance for myself and other relatives”.   Although the readership….

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Capacity Law, Estate Planning, Family Conflict
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