This Blog was written by: Kristie Smith, Estate and Trust Consultant, Scotia Wealth Management As we have all heard many times in the estate planning community, and as Benjamin Franklin famously remarked, nothing is certain but death and taxes. From the Covid era and then ‘back to normal’; from Elizabeth II to Charles III; from record market runs to record corrections… 2022 has been a year of unpredictability, and that….
“Death and Taxes” Continue Reading »
UncategorizedThis blog was written by Christopher Cook, student-at-law The law recognizes three ways in which a stranger to the trust (i.e., someone who is not an appointed trustee) may be liable for breach of trust. First, one may be liable as a “trustee de son tort.” This is the case when one takes on the responsibilities of a trustee, though unappointed, and commits a breach of trust while so acting…..
Don’t Trust a Stranger Continue Reading »
Uncategorized
The over-heating of the housing market that started in 2021 is starting to slowly cool off as a result of rising interest rates. This cooling of the over-heated housing market has given rise to a potential scenario that was originally addressed by the Canada Revenue Agency (CRA) in a technical interpretation issued in January of 2009[1]. The potential scenario exists when a decedent is deemed to have disposed of their….
Principal residence – deceased vs. estate Continue Reading »
Estate Administration, Real Estate, Tax Issues
As is the custom, the start of Jewish New Year was last evening at sunset. For some, it is a fresh start and a time for reflection. For those who may not attend synagogue, it may still be recognized and celebrated with family sitting down together for a festive dinner. Traditions continue and are past down from generation to generation. For some it is a favorite recipe that has been….
Another year and another fresh start: 5783 Continue Reading »
Elder Care
Procrastinator – a person who habitually puts off doing things. Intestate – dying before making a will. These two words in an estate context can make the administration of an estate a nightmare. No one likes to think about death and planning for their death. However, death is inevitable and, despite incredible advances in science, no one has a crystal ball that tells them when it’s their time. For a….
The Procrastinating Client and the Impact on Estates Continue Reading »
UncategorizedTax relief for an estate donation cannot be claimed until the property is transferred to a charity. No tax receipt; no tax credits. If the distribution is after 60 months after death of the donor there is no tax receipt at all. But what if the estate has illiquid assets that can’t easily be monetized, but may, possibly, be transferred in-kind to a charity? Extended claim period Formally, the tax….
Illiquid Assets and Estate Donations Continue Reading »
Estate Administration, Estate Donations, Estate Planning, Philanthropy/Charitable Giving