This blog was written by Sierra Nunno While many young people cling to the acronym YOLO, which stands for ‘you only live once,’ the truth is YODO… you only die once. Ideally, upon death, our wishes are carried out according to plan and we rest peacefully. But what if there was no plan in the first place? The Covid-19 pandemic has forced young Canadians to confront an uncomfortable reality –….
YODO! – You Only Die Once Continue Reading »
Estate Planning, WillsThose who practice in the world of estates know that emotions can run high. Estate planning and estate litigation involve relationships and, often, family. And relationships and family are complicated. It can sometimes be hard to be reasonable in the face of difficult emotions. But reasonableness should be a guiding principle for estate trustees and beneficiaries alike. If that warning is not heeded then parties to estate litigation must know….
300 Objections. 3 Week Hearing. $325,000 Costs Award. Continue Reading »
Costs, Estate Litigation, Executors, Passing Of Trustees’ and Executors’ AccountsThe Canada Revenue Agency (CRA) was recently asked to provide an update regarding the new online application process for a trust account number. In my capacity as an advisor, I ask clients to make tax payments if an only if there is an account number assigned to the taxpayer responsible for the payment. While individuals and corporations are assigned tax identifications numbers, trusts are not. Since February 2021, the CRA….
Applying for a trust account number? Continue Reading »
Canada Revenue Agency, Executors, Tax Issues, Trusts
I have written about my work with my long time elderly client, Audrey, for some time. Through these blogs, I have shared the loss of her sister, her prior discharge from palliative care, her 100th (and 101) birthday, her most recent admission and discharge and today I want to share her passing with you. As I have said so many times before, she was one of the lucky ones; lucky….
Another Goodbye Continue Reading »
Caregiving, Elder Care
Whether it be a lakeside summer home, a small log cabin in the woods, a ski chalet, or a country retreat, a family cottage can be the source of wonderful memories and an important part of family life. However, it can also become a source of stress and disagreement if not dealt with properly in the estate-planning process. Planning for the family cottage can be challenging, in part because clients….
The Family Cottage: Fostering Friendship or Fuelling Foes? Continue Reading »
UncategorizedThis Blog was written by Joanna Mazin, Estate and Trust Planning Lead at MD Financial Management Inc. which is part of Scotia Wealth Management Many clients I work with are interested in finding a tax-efficient way to financially support their minor grandchildren’s savings for post-secondary education. I often suggest that they consider opening or contributing to a Registered Education Savings Plan (RESP). Presenting each of these options comes with instructions on how an RESP….
