October 2020

Embracing the COVID-19 Ready Executor

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This Blog was written by Edward Ngo, Estate and Trust Advisor  with MD Private Trust, Scotia Wealth Management In Vancouver, the virtual estate planning landscape is changing before our eyes since British Columbia declared a state of emergency on March 18, 2020 due to the COVID-19 pandemic. The early contentious months of uncertainty surrounding the creation and execution of a Will in the middle of the pandemic has slowly subsided….

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Estate Planning

Look Out: The New Trust Reporting Rules Are Almost Here

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As we head in to the Fall of 2020, we are quickly approaching the new trust reporting requirements. The new trust reporting rules come into effect with taxation years ending after Dec. 30, 2021.As a reminder to administrators, if a trust continues to be in place past Dec. 31, 2020, the trust will need to comply with the new reporting rules and the trust administrators must provide the following additional….

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Canada Revenue Agency, Estate Administration, Executors, In the News, Practice Management, Tax Issues, Trustee, Trusts, Uncategorized

There is no place like home……

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Survey says: “91 per cent of Canadians of all ages and almost 100 per cent of Canadians 65 years of age and older reported that they plan on supporting themselves to live safely and independently in their own home as long as possible.” (Pandemic Perspectives on Ageing in Canada in Light of COVID-19: (Findings from a National Institute on Ageing/TELUS Health National Survey July 2020) Other key findings include: “While….

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Elder Care

Marriage Contracts; The Importance Of Their Review In Estate Planning And “Consenting” Out Of Living Separate And Apart

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In the context of estate planning, I constantly am reminded of the need for a proficiency in family law.  Here’s one reason why. One of the key questions we ask clients is, “Do you have a marriage contract?” The role of a drafting lawyer isn’t, in my view, to simply draft documents.  Rather, it’s to anticipate where issues may arise and ensure those issues are considered as part of the….

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Uncategorized

Loosening Standards for Charitable Property

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A crisis may change long-held views.  In reaction to the devastating economic effect of COVID-19 a couple of regulators have loosened their rules related to two different types of charitable property.  Will these changes be temporary or will they lead to long-term change?  And what effect does it have on estate donations? Ontario The first announcement was from Ontario. In late March, the Public Guardian and Trustee (PGT) released temporary….

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Charitable Giving, Estate Donations, Philanthropy/Charitable Giving, Uncategorized
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