Non-Resident Beneficiaries and Canadian Real Property: Canada’s hot housing market can increase the work of estate executors

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Distributions from the estate of a Canadian resident to a non-resident can give rise to additional compliance obligations under section 116 of the Income Tax Act where the estate owns Canadian real estate.  The need for such a clearance certificate is determined based on the value of real estate held by the estate in relation to the total residual value of the estate. Given the current boom in the Canadian….

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Powers of Appointment vs. Trusts – Failure to distinguish between them in Wills

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This Blog was written by: David McPhee, Estate and Trust Consultant, Scotia Wealth Management  When the term “power of appointment” comes to mind, one often thinks of the provision in a will or inter vivos trust deed which creates a trust for a beneficiary for his or her lifetime, and then goes on to say that the beneficiary has the ability to specify in writing, either through his or her….

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Trusts

Whose Claim Is It Anyway?

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In the recent decision of Goldentuler v. Simmons Da Silva LLP, 2021 ONCA 2019, the Court of Appeal for Ontario considered whether an individual had capacity to commence a lawsuit in which the cause of action belonged to an estate. Facts The late Henry Goldentuler (“Henry”) was a lawyer in private practice. Before his death, Henry commenced an action against a group of former employees who had removed 120 client….

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Disability Tax Credit

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The 2021 Federal Budget included proposals that would see an expansion of the Disability Tax Credit to more Canadians. The Disability Tax Credit (DTC), with a value of $1,299 for 2021, is a non-refundable credit intended to offset the impact of disability-related costs. In order to claim this credit, a taxpayer must have a certificate confirming they have a severe and prolonged impairment in physical or mental function, or be….

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Canada Revenue Agency, Capacity Law, Caregiving, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Tax Issues

Getting Lost In The System

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And I don’t mean figuratively, I mean literally.  I heard two stories this past week of two elderly individuals who are both quite compromised with dementia.  One lives in a retirement residence and the other lives in her own home with care support. In both instances, they had a fall and their caregiver called 911.  The ambulance did not allow their caregiver (PSW) to attend with them.  They were bundled….

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Elder Care

Bill 245 and Changes to the Succession Law Reform Act

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On February 5, 2021, I wrote a blog on Section 16(b) of the Succession Law Reform Act. Now, almost three months later, Ontario’s Bill 245 has received royal assent. Among many other changes to various pieces of legislation, Bill 245 revokes section 16 of the Succession Law Reform Act (the “SLRA”) in its entirety. Accordingly, a Will will no longer be revoked by a subsequent marriage of the testator. This….

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