“Unmasking” the Issues Facing Family Businesses

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This post was contributed to by Maureen Berry and Demetre Vasilounis of Fasken. If there is one thing that 2020 has taught us, it is that the world as we know it is capable of changing overnight. While the COVID-19 pandemic has had immeasurable impacts on our economy, our interactions with our loved ones, and our way of life, it has perhaps served an important role in that it has reminded….

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The Charity Capacity Gap

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Canada’s 85,896 registered charities have wide-ranging capacity, but these variations are often underappreciated.  Estate donors – and their professional advisors – often focus on cause and tax status, but ignore organizational health indicators like history, funding, staffing, and governance.  What should estate donors look for in a charity? Although all registered charities can issue donation tax receipts, not all charities can handle significant estate donations or receive more complex assets. ….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

Trustees Ordered to Pay Costs Personally

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In a recent court decision, the court declined to order costs payable from a modest estate and instead ordered the two parties (both trustees) to pay costs personally. A testamentary trustee, Mr. Cardinal, brought an application to compel estate trustee, Mrs. Perreault, to pass her accounts in her capacity as an estate trustee and power of attorney for the late Mr. Beaulieu.  However, while Mrs. Perreault consented to bring her….

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Passing Of Trustees’ and Executors’ Accounts

SOME TAX TIPS IN THE COVID ERA

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Our epidemiologists and public heath officers are warning us gently that the dreaded virus will be with us for awhile. Nevertheless, we are all hoping that our economy will recover soon (and to some extent our financial markets have), but it appears asset values in general may be depressed for some time to come. In this context, there may some some opportunities to free up some cash flow and/or reduce….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Tax Issues, Uncategorized

Enjoying Nature From An Armchair

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Last week Ziggy and I resumed our visits with a couple of my clients who live in their own homes. As we all know Covid had restricted these visits and it was a welcome change after several months. Ziggy as you may recall is an ambassador dog with CNIB and when not on official duty he joins me in visiting my clients.  We call Ziggy the ‘smile maker’ because he….

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Elder Care

The Impact of Medical Assistance in Dying on Life Insurance and Some Other Mentionables

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A question that I have heard asked a few times recently is: How would Medical Assistance in Dying (“MAID”) affect my life insurance policy?  It’s an interesting question and certainly something that should be considered in the context of estate planning where the proceeds of a life insurance policy play a significant role in the estate plan and the client has a medical condition where MAID may become a possibility…..

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