A lifetime benefit trust (LBT) is a personal, testamentary trust for beneficiaries that are financially dependent due to mental infirmity. Most people are aware that the taxable income inclusion of a RRSP on death can be avoided by rolling it over to a spouse. If the circumstances are appropriate, the same can be done by rolling the RRSP in an LBT and purchase a qualifying annuity under the relevant clauses….
Lifetime Benefit Trusts Continue Reading »
UncategorizedMy fellow blogger recently wrote about family meetings and estate planning. There has been much written on the importance of power of attorney documents, who gets named, their responsibility and conflicts that have arisen as a result thereof. While the focus of most disputes has to do with money and the Power of Attorney for Property, my interest lies with the disputes that occur on the care side and with the….
Mom Loved You More Continue Reading »
Caregiving, Elder Care
Today’s blog is being brought to you by our guest bloggers, David Rosenbaum and Anna Chen On February 16, 2021, Bill 245 Accelerating Access to Justice Act, 2021 (“Bill 245”) was introduced by the Ontario legislature. Bill 245 passed Second Reading on March 2, 2021.[1] If passed, Schedules 8 and 9 of Bill 245 will make significant changes to the Substitute Decisions Act, 1992 (the “SDA”) and the Succession….
Significant Changes to Estate Rules May Come! Continue Reading »
UncategorizedThis Blog was written by Suzanna Walter, Estate and Trust Consultant with Scotia Wealth Management In my previous blog, Road Testing your Incapacity Plan, I reviewed incapacity planning from the point of view of the Grantor (the person appointing the attorney) in the Continuing Power of Attorney for Property (CPA). Now, I want to look at CPA from the other side of the coin; namely from the point of view….
Power of Attorney for Property: The other sign of the coin Continue Reading »
Power of Attorney, Uncategorized
Of all the questions I am asked about the administration of estates, the ones that come up the most frequently are: “what is probate?”; “how do I know if I need probate?”; and “what’s involved in applying for probate?” Herein – the answers…..
The Mysteries of Probate, Revealed Continue Reading »
Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Practice Management, Probate Tax, Succession PlanningOn occasion, the personal representative of an estate may have to incur costs to either settle or disclose a matter with the Canada Revenue Agency (CRA). In a translated technical interpretation, the CRA provided some of its own guidance on how to navigate the relevant rule in the Income Tax Act (ITA). The ITA generally permits a deduction in computing a taxpayer’s income for a taxation year for amounts paid….
Professional fees incurred in the context of a litigation with CRA Continue Reading »
Canada Revenue Agency, Costs, Estate Administration, Executors, Tax Issues, Trustee