It’s Friday afternoon at 4:00 pm & your mom is being discharged home.

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This was the frantic call I received from a daughter this past Friday. The hospital was discharging her 90 year old mother but had omitted to confirm that services and follow up medical appointments were in place. Now in many cases, this might not be a problem- depending on the health of the patient. But in this particular case, her mom had high care needs and in addition to 24….

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Elder Care, Healthcare

The Principal Residence Exemption and Trusts for Disabled Persons Revisited

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In 2016, the federal government introduced changes to the definition of “principal residence” in the Income Tax Act (Canada). The changes significantly restricted the types of personal trusts that are eligible to claim the principal residence exemption (“PRE”). As a result of the changes, only three categories of personal trusts are eligible to use the PRE: life interest trusts, i.e. alter ego trusts, joint partner trusts, spousal trusts, and self-benefit….

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Uncategorized

The best laid plans…

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This blog was written by Veronique Thomas-Ewen, Associate Estate and Trust Consultant with Scotia Wealth Management In a carefully planned will, the testator names the spouse as the executor, leaves the family residence and residue to that spouse, but directs the family cottage be held in trust. The spouse has the use and enjoyment of the property and on the spouse’s passing the cottage is to be transferred to the….

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Cottage, Estate Administration, Estate Planning

When is a Dividend Not a Dividend?

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In Trower v. the Queen, 2019 TCC 77, the Company was privately held by the taxpayer and her spouse (49% and 51% respectively) until the taxpayer ceased to be shareholder in the Fall of 2016, pursuant to a separation agreement between the spouses. The company prepared and filed a T5 tax slip to document that dividends were paid in 2016 to the taxpayer prior to her ceasing to be a….

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Canada Revenue Agency, Contracts, Estate Administration, Practice Management, Separation, Small Business, Spouse, Tax Issues, Uncategorized

Tomorrow is GivingTuesday

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This past weekend was the American Thanksgiving.  In Canada we knew it was their Thanksgiving because advertising for  Black Friday sales was everywhere.   First it was on Friday, then it included Saturday and Sunday and now we have Cyber Monday.  What a concept!  While I tried not to be taken in by the advertising, I failed.  Our 10 year old television finally died and Best Buy was advertising some good….

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Uncategorized, United States

Secret and Semi-Secret Trusts: An Unusual Approach to Testamentary Dispositions – Part II

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Guest written by Giancarlo Mignardi, Student-at-Law at Fasken Martineau DuMoulin LLP Last week, I provided an overview of secret and semi-secret trusts, as well as the legal framework that allows for their existence. Today, I will discuss some of the practical uses of such trusts in modern estate-planning, as well as some of the difficulties that arise in proving these trusts. As will be noted, while these unique arrangements can….

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Trusts
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