Bequeathing qualifying shares: to trust or not to trust

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Use of spousal trust or common-law partner trusts Setting up a spousal or common-law partner trust is a very important decision that generally results from non-tax reasons. One of the common reasons for setting up this type of trust is to protect the surviving spouse from influencers who might try to gain access to the surviving spouse’s inherited assets. The set-up of a spousal or common-law partner trust can provide….

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Business Succession Planning, Estate Planning, Small Business, Spouse, Succession Planning, Trusts

More Than The Monday Blues….

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Friday, January 29, 2021 was ‘Bell Let’s Talk’ day and I forgot to tweet about it.   This is very surprising for me so I am reminding those of you who might have missed it as well.  Most of us are talking much more about good mental health and the toll that Covid has taken on our wellbeing. This year, Bell Canada had 159,173,435 interactions from people tweeting, calling, posting on….

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In the News

You’ve Got Mail – Part Three

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In my final blog post of my three part series [link to Part one and Part two], I’ll look at what to consider when a parent or guardian is notified that their minor child has an interest in an estate. Such interest, as discussed in my other blogs, may be a legacy (i.e. specific gifts of personal property or cash gifts) or an interest in the residue of the estate…..

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Estate Planning, Family Conflict, Wills

Talking to Your Beneficiaries About Your Estate Plan

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This blog was written by Emily Rosen Having conversations with beneficiaries and being honest about your intentions will set expectations early on and minimize any surprises during an already difficult time. According to a study conducted by Nielson (2014), 46% of Canadians have not spoken to their family about their intentions for their Will. Of those 46%, the top reasons for not doing so are: they haven’t thought about it….

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Estate Planning, Uncategorized

Can a Suicide Note Be a Will?

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In McGrath v. Joy, 2020 ONSC 7454, the Court considered whether the contents of a suicide note could be admitted to probate as a holograph Will, and in particular, whether the deceased had the requisite testamentary capacity to make a Will prior to taking his own life. Facts Sadly, Joseph Philip Joy (“Jody”) committed suicide sometime in the early morning of July 13, 2019, at the age of 49. He….

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Uncategorized

Subsection 164(6) – Time Limit for Dispositions

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The Canada Revenue Agency (CRA) was asked to consider allowing more time to allow for the application of a common post-mortem planning rule in those situations where delays in the probate process have caused a delay in the timing of the disposition of the properties of an estate. The request concerns the application of subsection 164(6) of the Income Tax Act (the Act). In the course of administering the graduated rate….

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Canada Revenue Agency, Estate Planning, Executors
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