Hot real estate market can put heat on Executors

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This Blog was written by Suzanna Walter, Estate and Trust Consultant with Scotia Wealth Management There have been many articles written about the dramatic increase in real estate values in Canada. This real estate boom has implications for executors’ administering estates. Maureen Berry in  her article Non-Resident Beneficiaries and Canadian Real Property: Canada’s Hot housing market can increase the work of estate executors reviewed one such implication for Executors who….

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Estate Administration, In the News, Real Estate

Bill 245: Innovative Updates to the Succession Law Reform Act

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Dear readers, As you might recall, last April (of 2020) was the height of the first wave of the COVID-19 pandemic in Ontario. As part of our government’s efforts to keep Ontarians safe while still allowing access to justice, an emergency order was brought at that time to allow virtual witnessing of powers of attorney and wills. These changes were brought on a temporary basis, with the tock-down measures imposed….

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Estate Administration, Estate Planning, In the News, Interest, Uncategorized

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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