Voluntary disclosures – changes are coming!

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Last week I met a couple who came in to see me for help with missed tax filings.  They were both aware of the potential for tax penalties and related interest on overdue tax and contemplated “leaving sleeping dogs lie”.  When asked how well they sleep at night, their response was “…not well”.  I said to them there may be an alternative solution. The Canada Revenue Agency (CRA) Voluntary Disclosures….

Voluntary disclosures – changes are coming! Continue Reading »

Canada Revenue Agency, Executors, Tax Issues

Appointing a Continuing Power of Attorney for Property to Family vs. Statutory Guardianship; which is truly better?

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Most seniors appoint a continuing power of attorney for property (CPOAP) for the sole purpose of not wanting the Office of the Public Guardian and Trustee (PG&T) to assume statutory guardianship of property under the Substitute Decisions Act (SDA) or Mental Health Act (MHA) should the person become incapable. The majority appoint a family member who they assume they can trust. But is this always the best outcome? Can one anticipate the….

Appointing a Continuing Power of Attorney for Property to Family vs. Statutory Guardianship; which is truly better? Continue Reading »

Elder Care, Elder Law, Geriatric Care Management, Guardianship, Power of Attorney

Ontario’s Non-Resident Speculation Tax

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Recently the Government of Ontario followed the heels of the British Columbia Government by introducing a “non-resident speculation tax” (“NRST”). The NRST will apply to the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe (the “GGH”) by individuals who are not Canadian citizens or permanent residents or by foreign corporations or taxable trustees.  The quantum of tax is equal to 15% and it….

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Canada Revenue Agency, Costs, Liability, Property, Real Estate, Tax Issues

Estates Administration Act Thwarts Dependant Support Claim

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In MacDonald v. Estate of James Pouliot, 2017 ONSC 3629, the court considered a constructive trust and dependant support claim against an intestate estate. While the court granted a constructive trust, it dismissed the dependant support claim as the property at issue had already automatically vested in the beneficiary pursuant to section 9 of the Estates Administration Act. Mary and James lived together as common law spouses for 22 years,….

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Estate Litigation

The Prescribed Rate is About to Change – for Real this Time?

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The prescribed rate is the minimum interest rate prescribed by the Canada Revenue Agency (“CRA”) that should be charged on various non-arm’s loans such as those made by you to your spouse or child (through a family trust). Such loans are a common device to split income with others in your family. The money is often used to invest in income-producing properties and the income is taxable in the hands….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Real Estate, Tax Issues, Uncategorized

Yesterday I watched the US Open & Thought About My Dad: Father’s Day- Take 2

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Reposted from allaboutestates.ca This original post was from a few years ago. It does seem like only yesterday because, while time has not stood still, sometimes our sentiments don’t change. The event and message is the same. It is a few years later and there is a new US golf champion. We still however miss those who are no longer around. It was hard not to know that yesterday was….

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Elder Care, Estate Planning, Geriatric Care Management
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