In my last blog I began a discussion of multiple wills. I will continue that discussion in my next blog. For today’s blog, I will focus on two recently-announced tax measures that relate to planning for persons with disabilities. The measures were included in the legislative proposals relating to the Income Tax Act (“ITA”) released on September 16, 2016…..
NEW TAX MEASURES RELATED TO DISABILITY PLANNING Continue Reading »
Tax IssuesNo one wants to have regrets. Dying patients shared their regrets in a blog post by a palliative care nurse. For me, these ‘regrets’ translates into food for thought and an action plan. Maybe it will for you too…..
Living Fully Before Dying Continue Reading »
Elder Care, Funeral Planning, Geriatric Care ManagementWho gets the Leaf tickets? This was the question the court had to determine in the recent case of Anspor Construction Ltd. v. Neuberger Estate (Trustee of)[1]. In this case, the court provided a good summary of the requirements to establish a bare trust and a purchase money resulting trust against a background of interesting facts. The applicant partnership, Nuspor Investments (“Nuspor”) sought a declaration that Toronto Maple Leaf season….
Who Needs Tickets? Continue Reading »
Estate PlanningRecently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential for additional taxes. Mrs. Entrepreneur owned and sold shares of a Canadian-controlled private corporation that were “qualified small business corporation….
ATTRIBUTION RULES AND PLANNING REVISITED Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Investments, Joint Tenancy, Loans, Property, Small Business, Tax Issues, Trustee, TrustsThere are many ways that we “live on” after our death – through memories, through words of wisdom we’ve shared or gifts we’ve given. Possibly the most tangible way for this to happen is to become an organ and tissue donor. ….
Estate Planning & Organ Donation Continue Reading »
Estate PlanningThe principal residence exemption allows a Canadian taxpayer to shelter the capital gains realized on the sale (or other disposition) of a property that meets the definition of a “principal residence” in the Income Tax Act (Canada). Over the years the rules related to claiming the exemption have been tightened up. For example, up until 1982 where two spouses owned different principal residences, each could claim the exemption over their respective property. This was changed in 1982, such that each family unit can only have one principal residence for a given time period…..
SALE OF YOUR PRINCIPAL RESIDENCE BY INDIVIDUALS BUT NOT TRUSTS Continue Reading »
Estate Planning