The senate has passed Bill C-7, which introduces changes to Canada’s Criminal Code provisions regulating MAID. The changes will create a new, two-track system for applying for MAID…..
MAID Update – Bill C-7 Continue Reading »
Capacity Law, Caregiving, Courts, Disability, Elder Care, Elder Law, Estate Litigation, Family Conflict, Fiduciary Professions, Geriatric Care Management, Healthcare, Medical Assistance in Dying
Everyone knows that you can’t avoid the tax collector, and death is no exception. Under the Canadian Income Tax Act, on the death of an individual subsection 70(5) will trigger a deemed disposition of all the deceased taxpayer’s capital property at fair market value thus taxing any accrued capital gains in the deceased’s final tax return. There is an exception to this deemed disposition rule which will defer the taxation….
Death, taxes and cryptocurrency Continue Reading »
Estate Planning, Executors, Tax Issues
This past weekend we celebrated the first night of Passover; and I think this holiday was the hardest one for me. Regardless of what and how you celebrate, for many the family and cultural connections rather than any religious significance is what we hold on to. Last year this time and because of Covid and quarantine restrictions, it was the very first time my mother was not part of the….
Holidays and Family Traditions – COVID style Continue Reading »
Caregiving
Practitioners and clients alike have come to realize that there can be numerous legal challenges to administering a testator’s digital assets, including, among them, ambiguous or restrictive privacy legislation. For most Canadian provinces,[1] the federal Personal Information Protection and Electronic Documents Act (“PIPEDA”) does not appear to grant executors, trustees, or personal representatives any powers or capabilities with respect to the disclosure of a testator’s personal information. However, in November 2020,….
New Privacy Legislation Aims to Address Digital Assets in Estate Administration Continue Reading »
Contracts, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Power of Attorney, PropertyThis Blog was written by Kimberley Ling, Scotia Wealth Management This past weekend I watched the movie ‘I Care a Lot’- very timely and relevant as March is Fraud Prevention month. In this fictional movie, the main character runs a disturbing guardianship business that preys on wealthy seniors, taking control of their assets and locking them in nursing homes with no contact to the outside world. The movie gives a….
March is Fraud Prevention Month Continue Reading »
UncategorizedThe Canada Revenue Agency (CRA) recently released a translated technical interpretation with helpful guidance on the tax treatment of a death benefit payment in certain specific situations. A death benefit is income of either the estate or the beneficiary who receives it. Up to $10,000 of the total of all death benefits paid (other than CPP or QPP death benefits) is not taxable. The CRA had the following to say….
Death Benefit Payments Continue Reading »
Canada Revenue Agency, Estate Planning, Executors, Small Business, Tax Issues