Federal Budget 2018 – Overview of Personal Income Tax Measures

• • 0 Comments

On February 27, 2018 (“Budget Day”), the Federal Government tabled the third budget (“Budget 2018”). This year’s budget focuses on continuing to strengthen the middle class and economic growth.  The following are some of the notable personal income tax measures proposed in Budget 2018, which relate to qualifying plan holders for Registered Disability Savings Plans, new reporting requirements for certain trusts and favourable changes for charities. Registered Disability Savings Plan….

Federal Budget 2018 – Overview of Personal Income Tax Measures Continue Reading »

Tax Issues

Estate Donations for Charities Not Yet Registered

• • 0 Comments

The 2018 Federal Budget hinted that Canadian newspapers may be able to receive charitable status in the future.  As I’ve previously written, making non-profit and local journalism an eligible charitable purpose is a timely idea — and it has implications for donor planning their estates.  The Federal Budget got me thinking of a charitable planning conundrum: donors who wish to support a cause that is not yet charitable at law….

Estate Donations for Charities Not Yet Registered Continue Reading »

Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Once You Give You Can’t Take Back, Even Though You May Regret It

• • 0 Comments

In the recent decision of Johnston v. Song [1], the Ontario Superior Court of Justice considered the consequences of a property’s transfer into joint ownership in advance of a breakdown of a common law relationship. Facts: Johnston and Song began living together in November 2005, when Song moved into a home owned by Johnston. Johnston had purchased the home in 2003, for which he paid the down payment and obtained….

Once You Give You Can’t Take Back, Even Though You May Regret It Continue Reading »

Charitable Giving

Court Set Asides a Release and Orders a Passing of Accounts

• • 0 Comments

An estate trustee may decide to forego passing their accounts because of the associated costs and seek a release from the estate’s beneficiaries instead. However, when the capacity of a beneficiary is in question, a  release may be set aside. In Foisey v. Green, the Public Guardian and Trustee (“PGT”) as litigation guardian for Ms. Foisey sought to set aside a release she signed three months before she was found….

Court Set Asides a Release and Orders a Passing of Accounts Continue Reading »

Capacity Law, Estate Administration, Estate Litigation, Passing Of Trustees’ and Executors’ Accounts

Crisis in Long Term Care Continued # 3

• • 0 Comments

This blog will address some of the first hand experiences that my clients and I have had when interfacing with the Long Term Care sector. 1.  Younger adults. I worked with a 42 year old gentleman who lived with a degenerative motor disease. He could no longer live on his own and spent several years under Alternate Level of Care  (ALC) status in a hospital. This is not a new….

Crisis in Long Term Care Continued # 3 Continue Reading »

Elder Care, In the News, Uncategorized

Income Splitting Loans and what you should know (and do) prior to April 1, 2018

• • 0 Comments

Under the Income Tax Act R.S.C., 1985, c. 1 (5th Supp.), there are certain income-splitting arrangements that are available when a loan is made from an individual to his/her lower income spouse/common-law partner and when a loan is made to a discretionary family trust, the beneficiaries of which include minor children. For example, an individual may loan funds to his/her lower income spouse to make an investment.  In order for attribution,….

Income Splitting Loans and what you should know (and do) prior to April 1, 2018 Continue Reading »

Uncategorized
Scroll to Top