October 2024

A Reminder of the Importance of a Cy-Près Clause

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As an estate planning professional, philanthropy is a great tool in your toolkit. However, if your client intends to incorporate philanthropy into their estate plan, the importance of including a cy‑près clause in their Will cannot be understated. If there is no cy‑près clause in the Will and the charity has ceased to exist, an application to the Court must be made for direction as to whether the gift has….

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Charitable Giving, Courts, Estate Administration, Estate Planning, Philanthropy/Charitable Giving

The New Canadian Entrepreneurs’ Incentive and Your Succession Plan

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Donya Ashnaei articling student and Maddi Thomas, associate, Gowling WLG (Canada) LLP Introduction Following a year marked by low GDP growth, high inflation, and rising interest rates, the federal government unveiled several proposed measures in Budget 2024, including an increase in the capital gains inclusion rate from 50% to 66.67% for corporations and trusts, and from 50% to 66.67%  on the portion of capital gains realized in the year that….

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Succession Planning, Tax Issues

Can a wish create a legal obligation?

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This blog post was written by Mohena Singh, Associate at Fasken LLP. When preparing your estate plan, an important distinction must be made between what you direct your trustees to do with your estate assets and what you wish for them to do. In the case of Landry v. Christiansen-Hasset et al,[1] the Ontario Superior Court considered the issue of precatory language in a will and whether a wish could create….

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Uncategorized

Financial Fraud Against Older People: what are banks doing about it?

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“Your credit card starting with 4567 has been locked due to suspicious activity.  To restore access to your account, please verify your information using the link below.”  Older people are 33% more likely to lose money in a scam than any other age group, according to Elder Abuse Prevention Ontario, and only 5% of victims report it to the police.   Once someone has been defrauded, they are likely to be….

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Elder Care, Elder Management, Interest

Don’t Take It For Granted: Court has Inherent Jurisdiction to Refuse Grant of Probate

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The court has an inherent jurisdiction to refuse an appointment of an estate trustee even where the application is unopposed.  This inherent jurisdiction was affirmed by the Ontario Court of Appeal in James Estate (Re), 2024 ONCA 623, when it upheld the lower court’s decision to refuse an application for a certificate of appointment of estate trustee (“CAET”).  In James Estate, the appellant brought his application for a CAET with….

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Uncategorized

U.S. Filing Requirements for Canadian POAs, Joint Accounts, and Bare Trusts

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This article is written by Nicole Ewing, Director, Tax & Estate Planning, TD Wealth Whether it’s a Power of Attorney (POA) for Property document, a joint account, or a bare trust relationship, if a U.S. person’s involved, things can get complicated quickly. Canadians without U.S. ties can find themselves and their assets subject to the scrutiny of U.S. authorities simply by engaging in common estate planning activities. One such issue arises….

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Estate Planning, IRS, Power of Attorney, Tax Issues, United States, US Taxes
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