January 2024

Tax Considerations for Gifts of Art in Canada

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Gwenyth Stadig, Associate and Upama Poudyal, Articling Student  – Gowling WLG (Canada) LLP An increasing number of Canadian taxpayers are interested in giving pieces of art to charities or other qualified donees as part of their estate plans. Some of these Canadian taxpayers are choosing to make decisions to give such art during their lifetimes, while others are setting down a plan for their gifts of art to occur at….

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Charitable Giving, Estate Donations, Estate Planning, Uncategorized, valuation, Wills

Beyond Alzheimer’s Awareness – What You Really Need to Know

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Cartoon of a big white brain behind an older adult walking with a cane to represent dementia.

January is Alzheimer’s Awareness Month in Canada. Just how aware are we in Canada? And what do we really need to know to plan for a growing dementia population effectively? The Cambridge Dictionary defines awareness as “the knowledge that something exists or understanding of a situation or subject at the present time, based on information and experience.”  While estate planning professionals often acknowledge the upward trend of Alzheimer’s cases and….

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Elder Care, Elder Management

Using a trust? Watch out for attribution!

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Part II – Trust Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP This is Part II of a three-part blog series which provides an overview of the ‘attribution rules’ contained in the Income Tax Act (Canada)[1] (the “Act”). Part I, which summarizes the scope and application of the personal attribution rules, can be found here: https://allaboutestates.ca/no-good-deed-goes-unpunished-by-the-cra/ Part II of the blog addresses the application of the attribution….

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Estate Planning, Tax Issues

U.S. Gift Tax – It May Apply To Canadians

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The U.S. gift tax is often overlooked by Canadians and their advisors. Most U.S. citizens living in Canada are aware of the U.S. estate tax and gift tax application. However, when it comes to Canadian residents who are not U.S. persons, only a minority are aware of the potential application of the U.S. gift tax. The author admits, the U.S. gift tax rarely applies to Canadian residents and this blog….

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Estate Planning, IRS, Tax Issues, United States, US Taxes

Capacity Evaluation – the Role of Corroborative Information at CCB Hearings

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In my last blog, I described the Court’s expectation for confirming a finding of incapacity: namely, that compelling evidence is required to override the presumption of capacity. Such evidence may include corroborative information. However, the Court has warned assessors to be alive to the presence of improper motives of informants who seek to have another found to be without mental capacity.[i] The Consent and Capacity Board (the “Board”) in Ontario….

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Appeals, Capacity Law, Credibility, Family Conflict, Guardianship, Healthcare

New Year, New Will – and Other Important Moments to Revisit Planning

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Happy 2024  everyone! The start of a new year is often the impetus for individuals to revisit their estate plan.[1]  While this is a worthwhile exercise, it’s important to remember that there are several other key moments that may occur at any point during a given year that should give rise to a review of an estate plan. These events or change in circumstance may not necessarily warrant a new….

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Estate Planning, Executors, Guardianship, Spouse, Trustee, Wills
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