Restricted Charitable Bequests

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One the biggest trends in philanthropy of the last thirty-years is the rise of donor-directed or restricted giving.  Donors want more control, which typically results in more restrictions being placed on gifts. But there are risks of placing restrictions on a charitable gift by will. Failure and Cy Pres Simply, a restricted gift will fail if the charity is unable to honour the restriction. In Canada, the recourse is to….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

INSURANCE TRACKING SHARES

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

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

World Alzheimer’s Awareness Month 2021

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September is World Alzheimers Awareness Month and the  21st is World Alzheimer’s Awareness Day.  Alzheimers is a  health crisis, in my view , that impacts everyone and one that is not based on culture, gender, ethnicity, or social economic background.  Alzheimers is the most common form of dementia and one that impacts  more women than men.  The Canadian Alzheimers Society shares that women represent 72% of all Canadians living with….

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Elder Care

Don’t let your favourite TV show fool you…

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Today’s blog was written by Courtney Lanthier, law clerk at Fasken LLP I was watching a show recently where, when a character passed away, he left his family a video message that included how he wanted to divide his estate. As someone who recently started drafting wills and working through estate administration files, I immediately thought – would this be considered a valid will? While a videotaped message setting out….

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Wills

Limitation Periods and Fraudulent Concealment

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Missing a limitation period can be highly detrimental to any case. But, what happens when the party simply does not know he or she has a claim, as a result of the conduct of another? This issue, among others, was addressed in the recent Ontario Court of Appeal decision, Beaudoin Estate v. Campbellford Memorial Hospital, 2021 ONCA 57 (“Beaudoin”). By way of background, and with respect to matters concerning estates,….

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Courts, Limitation periods

CRA issues favourable ruling on post-mortem pipelines

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The Canada Revenue Agency (CRA) has been asked on numerous occasions to weigh in on whether specific post-mortem planning implemented by taxpayers to avoid double taxation would result in a deemed dividend. In a recent ruling, the CRA concluded that it would not apply either specific tax rules or the General Anti Avoidance Rule (GAAR) to the proposed transactions. When an individual dies holding shares of a private corporation with….

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Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Wills
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