January 2019

Another Resolution for the New Year – Take Advantage of the Low Prescribed Rate

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We have talked about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Loans, Property, Real Estate, Tax Issues, Trusts

Naturally Occurring Retirement Communities ( NORC)

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Many of us have questions/concerns about where we will live, when we are no longer able to remain in our homes and this seems to be a topic discussed regularly. I am sure over the holidays there were many similar sounding conversations had with friends either talking about their parent(s) or in planning for themselves.Most times the conversation is triggered following the death of a spouse or an admission into….

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Elder Care, Home-Left

How to Effectively use Trusts in Estate Planning for Blended Families

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How to Effectively use Trusts in Estate Planning for Blended Families[1] You may recall I previously blogged about Common Pitfalls in Estate Planning for Blended Families. In this blog post, I will discuss considerations when using trusts in estate planning for blended families. Trusts are a useful tool in the blended family context to manage the varying and often competing interests of a surviving spouse and children of a prior….

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Uncategorized

Time to Update Your General Power of Attorney for Property

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This blog was written by Sally Lee, LLB – Estate and Trust Consultant with Scotia Wealth Management.  Some readers may ask the question, what’s the difference between a General Power of Attorney for Property (“GPOAP”) versus a Continuing or Enduring Power of Attorney for Property (“CPOAP”)?  To be completely honest, the difference can be life-altering. Recently, I came across a situation where Mrs. X, who executed a general GPOAP appointing….

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Power of Attorney, Uncategorized

Whose Land Is It Anyways? Friends of Toronto Public Cemeteries v. Mount Pleasant Group of Cemeteries

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In a recent decision that pitted a Toronto citizens’ group against cemetery operators, Justice Dunphy found that the cemeteries were publically owned, required public oversight, and were operating beyond the terms of the trust that govern the cemeteries. In 1826, a group sought to buy land to create a non-denominational cemetery to meet the needs of the growing city of York. They petitioned the Legislative Council of Upper Canada and….

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Trusts

Trust Filing Deadlines and Penalties

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With a new year is upon us it is important to keep in mind the various filing deadlines for trusts and estates (a trust). Generally, a trust has to file an annual income tax and information return (T3) if the trust earns income or makes annual distributions. The T3 along with any balance owing and the beneficiary trust information slips are due no later than 90 days after the year-end…..

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Canada Revenue Agency, Executors, Tax Issues
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