Application of Reasonable Return – TOSI

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The Canada Revenue Agency (CRA) was recently asked their view on whether the “reasonable return” exception in would apply to preclude the application of the tax on split income (“TOSI”) rules. An adult individual who is resident in Canada (“Spouse A”) incorporated a company (“Opco”) to operate a non-services business. Spouse A’s initial investment in Opco was in the form of common shares of Opco that Spouse A received as….

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Uncategorized

In Flanders Fields the poppies grow…

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Remembrance Day is a significant day in the lives of many who endured the challenges of living during war times. As benefactors of their sacrifice, we sometimes forget that peace is a gift and the high price that was paid for it. Today we have young soldiers who are returning from war, many of whom are returning with a disability. “Centres of Excellence’ across our country will be opening to….

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Disability, Elder Care

Joint Retainers and Estate Planning

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Lawyers in Ontario are regulated by the Law Society of Ontario, and the Rules of Professional Conduct set out the professional and ethical obligations to which lawyers must adhere. One of the duties relates to avoiding conflicts of interest, except in certain circumstances. Rule 3.4-5 of the Law Society of Ontario Rules of Professional Conduct sets out the rule for joint retainers and provides as follows….

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Estate Planning

Staying at home longer? Self/Family Managed Care may be an option

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This blog was written by Suzanne Singh Census numbers from 2016 revealed that seniors in Canada were outnumbering children for the first time in the survey’s history (StatCan 2016 census). It follows that with the tax base getting smaller and demand for health care services increasing, we can expect challenges. Will our aging population find sufficient facilities and resources to house and care for them? Are the waiting lists for….

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Geriatric Care Management, Healthcare

The Supreme Court of Canada to Review Disclosure of the Sherman Estate Files

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The Supreme Court of Canada has granted leave to appeal a decision of the Court of Appeal for Ontario to unseal the files and probate applications in respect of the estates of Barry and Honey Sherman (the “Sherman Estates”). The tragic murders of the wealthy Toronto couple in December 2017 have been the subject of intense media and public interest over the past two years. There has been somewhat less….

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Estate Administration and Probate Applications, Executors

Transferring Wealth During Your Lifetime

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I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method of distributing your wealth and possibly avoid taxes at time of death. Though there is no inheritance tax in Canada….

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Business Succession Planning, Estate Planning, Investments, Loans, Philanthropy/Charitable Giving, Probate Tax, Real Estate, Succession Planning, Tax Issues, Trusts, Uncategorized
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