HOME BUYER’S PLAN AND TAX CREDITS AFTER THE DEATH OF A SPOUSE

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During her marriage, a spouse inhabited a home wholly owned by her husband. He passed away and the house became an asset of the estate. Subsequent to her husband’s passing, the spouse purchased a new property. She had not re-married or entered into any common law partnership. Is the spouse (taxpayer) be eligible for the home buyers plan and the first-time home buyers’ tax credit? In a recent technical interpretation….

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Canada Revenue Agency, Estate Administration, Investments, Joint Tenancy, Real Estate, Tax Issues, Uncategorized

Family time, less than it used to be…..

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Recently I had the pleasure of taking a vacation with my mother and husband. As it turned out, it was a family oriented resort which put us in the middle of young parents and young children. Now while several of our friends have grandchildren, my boys are not there yet.  So…..we spent several days enjoying inter generational families  (grandparents and grandchildren) enjoying each other’s company. This ‘family time’ reminded me….

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Elder Law

Some Things Are Not Forever!

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Today’s blog was written by guest blogger, Giancarlo Mignardi, Articling Student at Fasken LLP. The rule against remoteness of vesting, more frequently referred to as the rule against perpetuities, is often viewed as one of the most notoriously difficult legal rules to apply. Its application presents such a challenge that, in a 1961 case before the Supreme Court of California, it was ruled that it was not negligent for a….

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Uncategorized

A Taxing Decision for Estate Planners

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This Blog was written by Mélina Konzak, Estate and Trust Consultant, Scotiatrust  Like most new case law delivered right before the holiday season, the decision rendered by the Superior Court judgment of The Estate of Caron v. Malenfant appeared at first to be swept under the rug. However being the controversial decision it has revealed itself to be, once published in Québec’s leading law journal (l’Express SOQUIJ) in early February, the….

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Contested wills, Estate Planning, In the News, Uncategorized, Wills

Dueling Love Letters from the Grave

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“The Naming of Cats is a difficult matter, It isn’t just one of your holiday games; You may think at first I’m as mad as a hatter When I tell you, a cat must have THREE DIFFERENT NAMES.” T.S. Eliot died in 1965. However, the great American/English poet has been in the news of late not because of the movie Cats, which generally garnered poor reviews and some derision (the….

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In the News

TOSI and the estate planning – pension splitting

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The pension splitting exception will allow a spouse who is 65 years of age to split income with his or her spouse or common law partner if the split income would be an excluded amount of the spouse who is 65 years old. These deeming provisions provide an opportunity to split income with spouses if certain conditions are met. The following example shows how the pension splitting exception would apply:….

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Canada Revenue Agency, Estate Planning, Tax Issues
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