Post-Death Decline in the Value of RRSP or RRIF: What Happens?

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Generally, when an annuitant of a Registered Retirement Savings Plan (“RRSP”) or a Registered Retirement Income Fund (“RRIF”) dies, the Canada Revenue Agency (“CRA”)  will consider that the annuitant received, immediately before death, an amount equal to the fair market value (“FMV”) of the property held in the RRSP or RRIF at the time of death. This amount and all other amounts the annuitant received from the RRSP or RRIF….

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Canada Revenue Agency, Estate Administration, Tax Issues, Uncategorized

January is Alzheimers’ Awareness Month

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Let’s take a moment to consider one of the biggest health crises that we will be facing over the next several years. A health diagnosis that not only robs people of their memories but a health crisis that can destroy families. Without planning, I fear it may also bankrupt our health care system. Alzheimers disease is the most common form of dementia and is only one of many diseases that….

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Caregiving, Elder Care

Joint Tenancy and Right of Survivorship

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There has been much case law surrounding the difficulties that may arise when a parent and adult child are joint tenants with respect to real property. In the Ontario Court of Appeal (the “Court”) decision, Jansen v. Niels Estate[1], the Court was faced with the issue of whether Theadora Niels’ (“T”) interest in her house passed by right of survivorship to her daughter-in-law, Ingrid Niels (“I”), pursuant to a joint….

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Uncategorized

Don’t Make a Proprietary Estoppel You Don’t Intend to Keep

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This article was co-authored with Ronald Neal, student-at-law. In its recent decision of Cowper-Smith v. Morgan, 2017 SCC 61, the Supreme Court of Canada expanded the application of the doctrine of proprietary estoppel to find that a person can be bound to fulfill a promise she makes in respect of property that she does not have an interest in at the time the promise was made. Facts   The appeal….

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Uncategorized

The winds of change

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As tax and estate planning goes, advisors look for signs of things to come and events to happen.  We have started to hear rumblings about rising interest rates perhaps suggesting some action may be required where prescribed rate loans are involved. Last week I was alerted to the fact the Bank of Canada posted the average yield on 3 month treasury bills 1.17%.  Should the average yield at the January….

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Estate Planning, Interest, Tax Issues, Uncategorized

A New Caregiving Benefit

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While employed family caregivers (over age 60) in Hawaii are now eligible to receive a $70 per day stipend to pay for additional care support for  a family member, we have something different. As of December 3, 2017  there was a new EI Family Caregiver Benefit which provides for “eligible caregivers to receive up to 15 weeks of financial assistance to provide care or support to a critically ill or….

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Elder Care, Elder Law
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