June 2018

Inheritances and Taxes – Be Careful Where you Step?

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Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes

Yesterday I watched the US Open and Thought About My Dad

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This original post was from a few years ago. It does seem like only yesterday because, while time has not stood still, sometimes our sentiments don’t change. The event and message is the same. It is a few years later and there is a new US golf champion. We still however miss those who are no longer around. It was hard not to know that yesterday was Father’s Day. Signs,….

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Elder Care, Family Conflict

The Risk and (Potential) Reward for Acting as an Executor [1]

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  For those engaged in thoughtful Will planning there comes a point in the discussion with clients about who should be an executor, what the job of an executor is and whether and how much they should be paid. More often clients want to start the Will planning dialogue by telling me who they want to name as their executor.  Sometimes the choice is coupled with the explanation that “He….

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Estate Planning, Executors, Family Conflict, Wills

Politicians and executors: two sides of the same coin

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This Blog was written by Liz Bozek, The recent claim filed by Renata Ford challenging the executors of the estate of her late husband, Rob Ford, and the subsequent election of her former brother-in-law (and the subject of that claim), Doug Ford, got me thinking about some of the similarities between being a politician and acting as an estate trustee. Credentials – interestingly, there are no mandatory credentials for either….

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Executors, In the News, Uncategorized

Limitation Periods – Not Available to Everyone

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One of the first steps following the death of a loved one is to go through their paperwork. You never know what you will find – handwritten wills, love letters, bank statements, or written agreements confirming that the deceased is owed money. If the estate is owed funds, it is up to the estate trustee to collect. That may mean jumping into ongoing litigation to protect the estate’s interest in….

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Estate Litigation, Small Business

TFSA and the Non-resident

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[caption id="attachment_6317" align="alignnone" width="300"] Muskoka Chairs[/caption] With mobility on the rise, it is expected that a person leaving Canada will have to visit the rules on tax-free savings accounts (TFSA) and Canadian tax residency.   Executors may have to consider the TFSA rules if a deceased’s will calls for the transfer of a TFSA account to a non-resident will beneficiary. If a Canadian tax resident has a TFSA and leaves Canada,….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues
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