Business purpose, source of income, and sham gets a thorough review

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In a recent court case (Paletta Estate v. The Queen) the estate successfully appealed that it was entitled to $55 million in losses in the 2000 to 2006 taxation years generated through forward foreign exchange trading. The estate purchased straddled forward foreign exchange contracts – one long and one short. The taxpayer closed the loss leg of the straddle before the end of the year (realizing a loss in the….

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Canada Revenue Agency, Tax Issues

Bye bye May, hello happiness…..

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Here we are at the end of May; warmer weather ( except for last week’s snow), longer days and the promise that this current stay at home order will be ending soon. Restrictions are starting to let up. Outdoor dining, in store shopping and haircuts are hopefully  resuming. However for those who have family in Long Term Care, outdoor visits with more than one person are now finally being encouraged…..

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Caregiving

The Bank of Nova Scotia Trust Company v. Rogers: A Recent Consideration of the Criminal Forfeiture Rule

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This blog was written by Meghan Carlin, summer student at Fasken LLP. While the law in Canada on the criminal forfeiture rule (or the “slayer rule”) is generally well understood, questions about next steps in the administration of estates where the primary beneficiary has been disentitled may be more difficult to answer. On March 3, 2021, the Ontario Supreme Court released its decision in the case of The Bank of….

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Estate Administration

Estate Planning for the Digital Collector: Don’t let your NFTs disappear into Ether

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This blog was written by Raluca Gondor   Digital artwork and non-fungible tokens (NFTs) are gaining significant traction as part of a new era of collectibles, with a growing number of creators putting out exclusive digital content. The ten-year anniversary version of the Nyan Cat meme, Nike’s Cryptokicks, and a Tweet about Fyre Festival’s infamous cheese sandwich are just a few NFTs that have hit the market in recent months…..

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Uncategorized

The Role of the PGT – When, Why and How?

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While estate lawyers are often presented with files that impact upon the rights of an incapable person, it is important to understand when, why and how the Public Guardian and Trustee (the “PGT”) becomes involved with such disputes. As noted on its website, and in general, the PGT acts as litigation guardian of last resort for parties under legal disability involved in civil litigation (and as a legal representative of….

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Estate Litigation, Family Conflict, Power of Attorney, Powers Of Attorney and Guardianship Disputes, Wills

No plan is usually not the best plan

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When faced with making decisions, doing nothing is an option and for some decisions that could be the most viable option. However, In the world of estate planning, doing nothing rarely turns out to be a good idea. We can all point to an example of executing a deceased’s estate gone wrong.  Most times a disastrous estate situation could have been avoided or mitigated if the deceased would have done….

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Estate Planning, Wills
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