May 2017

The Intersection between Family Law and Estates Law

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The Family Law Act, R.S.O. 1990, c. F.3 provides that when a spouse dies and the surviving spouse’s net family property[1] is less than the net family property of the deceased spouse, the surviving spouse may elect to take one-half of the difference between the net family property of the deceased spouse and the net family property of the surviving spouse (“equalization”). Will vs. Equalization: The general rule is that….

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Estate Planning

Hidden treasure leads to hidden problems

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This Blog was written by: Robert Boyd We have all read articles detailing how people have stash millions of dollars under their mattress or, executors discover vast quantities of gold discovered at the home of a recently deceased individual. From an estate planning perspective, this may come as a huge windfall to the beneficiaries of the estate, but one has to wonder, what are the practicalities of dealing with the….

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Estate Administration, Uncategorized

Court of Appeal Limits Dependant Support Claw Back

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The family law bar must be breathing a sigh of relief after reading the Court of Appeal’s decision in Dagg v. Cameron Estate, 2017 ONCA 366. Both the application judge and the Divisional Court (discussed on this blog, respectively, here and here) held that a life insurance policy taken out pursuant to a separation agreement could be clawed back into the estate for a dependant support claim by the subsequent….

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Estate Litigation

DEATH BENEFITS: CAN THEY BE APPLIED TO THE INCORPORATED OWNER-OPERATOR?

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A death benefit is an amount received after a person’s death for their employment service. In general, any amount up to $10,000 received is not subject to tax, pursuant to regulations contained in the Income Act (“ITA”). What if the deceased was the sole shareholder of a corporation and received a death benefit? Recently, the Canada Revenue Agency (“CRA”) was asked to consider two scenarios: 1. The sole individual shareholder….

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Canada Revenue Agency, Estate Administration, Estate Planning, Probate Tax, Small Business, Tax Issues, Uncategorized

The Latest Census Data: 2016

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I am not a big fan of statistics but these figures are worth noting. Today there are more seniors over age 65 than children under age 14. Not only are we living longer but adults over 100 years of age are the fastest growing age group. Today’s life expectancy is 80 years for men and 84 years for women. Good news if you are a single fellow. There are nearly….

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Costs, Elder Care, In the News

Government Addresses an Unintended Consequence of the All Families Are Equal Act

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As I noted in my last blog, the All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), 2016, S.O. 2016, c. 23 (the “Act”), introduced new rules for determining parentage in Ontario, primarily through substantial amendments to the Children’s Law Reform Act (“CLRA”) and the Vital Statistics Act. The Act also includes consequential amendments to several statutes, including the Succession Law Reform Act (“SLRA”) and the Family….

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