June 2017

Old Age Security Clawback – Grossed-Up vs Actual Dividends

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The Canada Revenue Agency (CRA) was reminded by a taxpayer individual about a perceived lack of fairness when required to include the dividends received at a grossed-up amount when calculating net income rather than only including the actual amount of dividends received. The taxpayer felt this was unfair because net income is used to calculate the reduction his or her old age security (OAS) pension. In their response the CRA….

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Canada Revenue Agency, Estate Planning, Tax Issues

Keeping Memories Alive

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It is hard enough when a loved one forgets; but it is also very painful when family forget …. about who the older person is and who they were. Many times older people are seen as just that old folks- who may be wrinkled, forgetful, stooped over and hard of hearing. But what about all of their experiences, history, successes and accomplishments? I wanted to highlight some remarkable women, whose….

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Caregiving, Elder Care, Geriatric Care Management

The New Parentage Rules in the Children’s Law Reform Act

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Continuing my discussion of the All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), 2016, S.O. 2016, c. 23, in this blog I will look at the new rules for determining the relationship of parent and child in Part I of the Children’s Law Reform Act (“CLRA”), which became effective January 1, 2017. Section 1 of the CLRA as it read on December 31, 2016 essentially recognized….

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Uncategorized

Returning a gift after 36 years

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What’s a charity to do when a donor asks for a gift to be returned?  As my fellow blogger Derek de Gannes recently reported, CRA provided a technical interpretation in response to a charity inquiry relating to life insurance policy donated in 1981. The gift was intended for a discontinued program and now the donor wants his policy back. Returning the donation may be “regarded as making a gift to a….

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Uncategorized

What Will Your Will Say?

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A last will and testament can often provide insight into a person’s final fortunes, thoughts, and wishes, right down to who should receive his or her hair strands.  For today’s blog, I decided to research fascinating (and sometimes questionable) provisions in last wills and testaments.  I share with you some of the most intriguing requests and bequests in the last two hundred years: Happy birthday, Mr. President Marilyn Monroe left….

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Uncategorized

JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

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When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it transfers to that person when I pass away? Are there any implications? Technically speaking, “putting someone else’s name on a….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Interest, Investments, Joint Tenancy, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills
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