A TFSA loses its tax exempt status

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The income tax treatment of a trust and its beneficiary where the trust lost its status as a tax-free savings account (TFSA) because it contravened the registration restriction on borrowing money was the subject of a recent Canada Revenue Agency(CRA) technical interpretation. The trust continued to exist for several years after the borrowing occurred and was administered during that time by the TFSA issuer as though it were a TFSA…..

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

Embryo Freezing Costs: Medical Expense Tax Credit Extended to Same Sex Couples.

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The Income Tax Act (“ITA”) generally permits as an eligible medical expense of an individual, an amount paid to a medical practitioner, dentist, or nurse or a public or licensed private hospital for medical or dental services provided to a patient. Medical services are diagnostic, therapeutic or rehabilitative services that are performed by a medical practitioner acting within the scope of his or her professional training. Generally, a payment to….

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Canada Revenue Agency, Estate Planning, Healthcare, In the News, Spouse, Tax Issues, Uncategorized

And the “Petty” Saga Continues…

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Liz Bozek first blogged about the tragedy of Tom Petty’s sudden death and the musical legacy that he left behind, commenting that “a life unexpectedly cut short can nevertheless be celebrated because of the rich legacy left behind.” Unfortunately, any hopes of a long-term celebration by his family were dashed when Tom’s daughters, Annakim and Adria, sued Tom’s widow and their step-mother, Dana York Petty, for control of his music….

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Disproportionate Inheritance? WESA to the Rescue

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This blog was written by Aathiya Bala, Associate Estate and Trust Consultant with Scotia Wealth Management   Nahar and Nihal Litt arrived from India in 1964 with modest beginnings. The couple worked tireless hours building their family’s farm business estate for decades. Their children, who were between the ages of three and fourteen when arriving to Canada, helped cultivate their family business throughout the years. The family began to acquire….

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Contested wills, Estate Litigation, Family Conflict, In the News

What an Attorney for Personal Care Can Do

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In Ontario, a power of attorney for personal care is defined in the Substitute Decisions Act (SDA) and allows the appointed attorney to act as the substitute decision maker (SDM) for an incapable person. The appointed attorney is given the authority to make decisions such as: medical treatments, admission to a care facility, or hiring a personal assistance service. Where there is no appointed attorney for personal care, the Health….

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Capacity Law, Caregiving, Disability, Elder Care, Elder Law, Geriatric Care Management, Guardianship, Healthcare, Power of Attorney, Powers Of Attorney and Guardianship Disputes
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