Tax planning in uncertain times

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Tax planning can be very complicated with an Income Tax Act (“Act”) consisting of over 1.1 million words. This is a far cry from the original 4,000 words of the Act’s predecessor, Income War Tax Act[1], which was originally enacted as a temporary measure in 1917. The more than 3,000 pages contained in the Act is the legislation that governs our Canadian income tax system that is supplemented by precedent….

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Canada Revenue Agency, Estate Planning, Practice Management, Tax Issues

Having An Advocate: Critical So Your Wishes Can Be Respected

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Readers of this blog may remember  that I have been working with a wonderful woman who is now 101 years of age.  She is a ‘solo senior or elder orphan’ or simply put, a single woman who never married, never had children and at 101 years of age, has outlived all family and friends.    She is remarkable- she does not take any medications and has always followed a simple yet….

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Caregiving

The Hot Housing Market and Important Planning Considerations

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House prices across Ontario have seen incredible growth over the past 18 months, in part because of changing work and living arrangements as a result of the pandemic. As described in a recent Toronto Star article, the average house price in the GTA as of July 2021 was $1,062,256, a 12.6% increase from a year prior. For many young adults, the only way to enter the housing market is with….

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Estate Planning

#FreeBritney: Toxic, Conservatorships, and Guardianship Abuse

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This blog was written by Raluca Gondor You may know Britney Spears for her hit songs like Piece of Me, Toxic, and Criminal. But lurking behind a wildly successful career is a darker aspect of her life, one that may be foreshadowed by her song titles: Britney Spears’ conservatorship. Since February 2008, Britney Spears has been under a probate conservatorship which restricts her ability to manage her estimated $60M estate….

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Capacity Law, Courts, In the News

AMENDING TAX ELECTIONS AFTER THE FACT

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The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible capital property and inventory, other than inventory that is real property. Where the taxpayer and the corporation agree upon an….

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Canada Revenue Agency, Estate Planning, Investments, Small Business, Tax Issues, Trusts, Uncategorized

Dementia: Therapeutic Fibbing OR Going With the Flow?

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This past week I had an interesting discussion with some of my team members (registered social workers and occupational therapists ) on whether or not it is appropriate to tell a white lie with individuals living with a dementia.  “Therapeutic fibbing is a controversial yet very effective method of dealing with the anxiety experienced by many people with Alzheimer’s and other dementias. In essence, it is telling a “fib” in….

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Caregiving
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