For Whom the Bells Toll: It Tolls for Family Trusts?

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As we continue to absorb the draft legislation (together with explanatory notes and consultation paper) introduced by the Department of Finance to overhaul the system of taxation for private companies, some things have are becoming clear. If essentially enacted as currently drafted, the legislation will likely spell the end of family trusts for tax planning arrangements, particularly in the private company setting. Traditionally, for tax planning purposes, family trusts are….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

Alternative Level of Care- Take 2

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Our Ontario government is short sighted. We/They have not planned well for the changing and aging of our society. There simply is no place for those of us who need care and are not fortunate enough to either have the funds to pay for it themselves or have the necessary family available who can pay for and assume this heavy burden – both in terms of financial, emotional obligation and….

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Costs, Elder Care, Geriatric Care Management

More from the CRA on Survivor Payments from TFSAs

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In my last post, I wrote about a recent Technical Interpretation from the CRA where the CRA was asked to consider whether a survivor payment could be made by an executor out of a deceased taxpayer’s TFSA (or, more specifically, former TFSA) to the deceased’s spouse in satisfaction of a legacy left to the spouse. In other words, in circumstances where the spouse was not the designated beneficiary of the….

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Canada Revenue Agency

Consolidate, for Efficiency’s Sake!

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The 2014 Supreme Court decision, Hryniak v Mauldin, directly addressed the need to increase access to justice. In that case, the Supreme Court clarified and broadened a court’s fact-finding powers on summary judgment motions with the goal of providing litigants a faster procedure in appropriate cases. In the same spirit, there are other procedural tools available to streamline court proceedings and eliminate redundancy. In particular, Rule 6 of the Rules….

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Estate Litigation, Guardianship, Power of Attorney, Powers Of Attorney and Guardianship Disputes

Capacity Assessments and Biases to Beware of

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Capacity assessments regarding capacity to manage property, testamentary capacity or capacity to appoint a power of attorney for property (POA), whether conducted contemporaneously or retrospectively, rely upon whatever materials/information that is provided to an assessor to review. Materials may include relevant medical records, previous wills and POA documents, interview of the person if done contemporaneously or videos and/or audio recordings of the deceased if retrospective, and affidavits within legal briefs…..

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Capacity Law, Elder Law, Estate Litigation, Guardianship, Powers Of Attorney and Guardianship Disputes, Testamentary Capacity

Have You Been Scammed Lately?

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Have you been called from someone saying they are from a particular computer company and they want to fix the virus in your software program? How about the caller who identifies themselves as your granddaughter’s friend who they had their wallet stolen, is stranded and needs your help? Or the fellow who rings your door bell saying that his car broke down and his pregnant wife needs to get to….

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Elder Care
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