This Blog was written by: Taylor Sergeant, Scotiatrust In my job at as a Trust Officer, I see the importance of incapacity and estate planning daily. I understand and appreciate the value of having the difficult discussions needed to plan for a time in which you may no longer be able to make decisions for yourself. This thought often leaves me wondering, why doesn’t everyone execute a Power of Attorney?….
Can a suicide note be a valid holograph will? Maybe, and it depends upon where you live. The Ontario case of McGrath v. Joy, which decision was released at the end of 2020, dealt with whether a suicide note was a valid holograph will. My colleague, Rebecca Studin, recently blogged about the case, where it was found that the suicide note was not a valid holograph will. The judge commented,….
Where There’s a Will, There’s a Way Continue Reading »
Estate Litigation, Estate Planning, WillsThe Canada Revenue Agency (CRA) will occasionally post requests to help improve the Agency’s processing efficiency. Recent posts caught my attention given their application to returns for deceased individuals. Date of Death The CRA noticed that tax preparers occasionally include a deceased person’s date of death on the living spouse’s tax return. This may result in the CRA mistakenly recording the living spouse as deceased. This error can cause major….
Tax returns for deceased persons Continue Reading »
Canada Revenue Agency, Executors, Tax Issues, Uncategorized
Ok- interesting for me and hopefully for you too. 1. Q: Did you know as of April 1 2021 the LHIN has a new name? A: Home and Community Care Support Services (HCCSS) which was the LHIN and before that it was the CCAC (Community Care Access Centre). I am told there are no changes to the program. 2.Q: Did you know that it is possible for the LHIN or….
Interesting Information for Monday Morning Continue Reading »
Elder CareThe senate has passed Bill C-7, which introduces changes to Canada’s Criminal Code provisions regulating MAID. The changes will create a new, two-track system for applying for MAID…..
MAID Update – Bill C-7 Continue Reading »
Capacity Law, Caregiving, Courts, Disability, Elder Care, Elder Law, Estate Litigation, Family Conflict, Fiduciary Professions, Geriatric Care Management, Healthcare, Medical Assistance in Dying
Everyone knows that you can’t avoid the tax collector, and death is no exception. Under the Canadian Income Tax Act, on the death of an individual subsection 70(5) will trigger a deemed disposition of all the deceased taxpayer’s capital property at fair market value thus taxing any accrued capital gains in the deceased’s final tax return. There is an exception to this deemed disposition rule which will defer the taxation….
Death, taxes and cryptocurrency Continue Reading »
Estate Planning, Executors, Tax Issues