Estate Considerations for YouTube and Twitch “Partners”

Today’s blog was co-written with Demetre Vasilounis, Student at Law at Fasken LLP. It is now a given that, in the 21st century, estate planners should pay attention to how clients deal with their digital assets. This is true whether such digital assets consist of social media accounts (Facebook, Twitter, LinkedIn) or money invested into software platforms for the purposes of electronic transactions within these platforms (online games, application stores)…..

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Uncategorized

Foundations with Donor Advised Funds

The current Special Senate Committee on the Charitable Sector seems to be quite interested in “donor advised funds” or DAFs. In particular, members of the Committee are suggesting that the Income Tax Act should be changed to require individual funds to have minimum disbursement quotas and separate regulatory reporting. This policy trial balloon is worth debating. If for no other reason than a lot of Canadians now have their philanthropic….

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Elder Law, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

Safe Income and an Estate

In a recent technical interpretation, the Canada Revenue Agency (CRA) made the point that safe income of a corporation owned by a person that died did not flow through to the estate of that person.  The reason was not clearly stated but appears to be that the safe income became encompassed in the adjusted cost base of the shares to the estate. The situation described in the technical interpretation involved….

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Canada Revenue Agency, Estate Planning, Tax Issues

November is……..

November is Make a Will month in Ontario; National Diabetes month and National Family Caregivers month in the States; Osteoporosis awareness month in Canada, and Movember for men’s health awareness. However most fitting for today is Remembrance Day, symbolized by the poppy. 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….

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Elder Care

The “Rule of Convenience”: Why Legacies May be Subject to 5% Interest

Today’s blog is being brought to you by our guest blogger, Anna Chen. It is a long-standing common law rule that a personal representative has one year after a deceased’s death to wind up the estate. Referred to as the “executor’s year”, the rule is intended to give the personal representative some time to administer the estate before beneficiaries have a legal entitlement to demand payment. A related and similarly….

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Uncategorized

My First and Only (Kind of) Experience with the Declarations of Death Act

  This blog was written by Sally Lee, LLB – Estate and Trust Consultant with Scotia Wealth Management. When I was in private practice, I worked on a probate file where the deceased was declared dead pursuant to subsection 2(5) of the Ontario Declarations of Death Act.  He was missing for at least seven years and his family members made the application to the court.  I did not work on….

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Estate Planning, Family Conflict, Uncategorized
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