January 2023

Certain Recurring Tax and Estate Planning Questions from New Canadians

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Today’s blog post was written by Rahul Sharma, Partner, Fasken Martineau DuMoulin LLP, Toronto According to a recent article in the Globe and Mail, Canada added more than 437,000 new permanent residents last year, while the federal government intends to admit 1.45 million more new permanent residents over the next three years. These are considerable figures for a country whose population currently stands at just above 39 million inhabitants. New….

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Estate donations that don’t get made

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[caption id="attachment_19892" align="aligncenter" width="554"] The Sleeping Gypsy, Henri Rousseau, 1897, Museum of Modern Art[/caption] John Quinn was a corporate lawyer and Wall Street titan.  A bachelor known for his many lovers, Quinn was also America’s first great modern art collector and tireless public champion.  He was a friend of literary and art legends like Picasso, WB Yeats, and Joseph Conrad. Quinn died in 1924 of cancer with an 8-year-old Will.  He was 54.  His….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Costs where Will Challenge was Not Frivolous

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On December 21, 2022, the Court of Appeal released its decision in Di Nunzio v Di Nunzio, 2022 ONCA 889 (CanLII) (“Di Nunzio”). The testator’s daughter appealed the lower court’s decision dismissing the challenge to her mother’s will (Di Nunzio v. Di Nunzio, 2021 ONSC 6689 (CanLII)). The daughter appealed the dismissal of her will challenge and sought leave to appeal the $111,395.45 costs award against her. The appellate court….

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Contested wills, Costs

Valuation of Interests in Discretionary trusts and Family Law

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These days, it is quite common to find intergenerational wealth transfer to consist of property held in a discretionary family trust whose beneficiaries may or may not have been in marital relationships at the time of the time the trusts were created. A siginifcant number of legal and financials issues related to these trusts in family law, including the determination of what is considered “included” and “excluded” family property before….

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Business Succession Planning, Contracts, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Family Conflict, Investments, Property, Real Estate, Resulting Trust, Separation, Small Business, Spouse, Trusts, valuation

January is Alzheimers Awareness Month

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Happy New Year. It was a busy start of the new year as families were eager to connect, speak with an expert, learn and gather information. As January is also Alzheimers Awareness Month, I thought I would share how my first week in January 2023 was spent with several new families- all adult children worried about their parent (s) with dementia. Two scenarios are briefly outlined: Meet John: John is….

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Elder Care, Geriatric Care Management, Power of Attorney

What Happens when a Taxpayer Dies with a Registered Retirement Savings Plan?

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Today’s blog was written by Pritika Deepak, Associate at Fasken LLP. Dealing with the tax implications arising upon an individual’s death is a central theme in estate planning. These tax implications may differ depending on the assets and properties that an individual owns at death, as well as the individual’s registered tax plans. This three part series will provide a high level overview of certain tax implications and considerations relating….

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