Do I need to apply for a trust account number?

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Attention turns to the filing of T3 trust income tax and information returns with the end of March in sight.  If you are trustee of a new Trust you may wonder if an identification number is required? Like a social insurance number or a business number, the trust identification number serves as way for the Canada Revenue Agency (CRA) to identify the Trust in its assessments, associate payments received and….

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Canada Revenue Agency, Estate Administration, Executors, Tax Issues

The Times Are A Changing and Our Laws & Policies Should Too

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Further to my colleague Diane Vieira’s March 15, 2017  blog, in which she summarized the Law Commission of Ontario report on legal capacity, decision-making and guardianship in Ontario, I wanted to highlight some key recommendations that I found to be particularly relevant. Over the last while, I have noticed a few changes including: Many of our older clients have outlived their family and friends We are also seeing an increase….

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

Fresh From the Ontario Court of Appeal: A Curious Case of “Just” Enrichment

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This month, the Ontario Court of Appeal released its decision in Moore v. Sweet, 2017 ONCA 182. The case discusses several issues, but its discussion of unjust enrichment carries the day. In particular, the decision hinges on whether an irrevocable beneficiary designation executed subsequent to an agreement to designate a different beneficiary of the policy constitutes a juristic reason for the enrichment of the irrevocably designated beneficiary. The essential facts….

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Uncategorized

Demonetization – Dreams Become Nightmares

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This Blog was written by: Gosha Sekhon I recently visited India and thought I would share some interesting information. My family has travelled back to India on numerous occasions since my parents immigrated to Canada in the early 1980s. On this trip, we were surprised to learn about the federal government’s plan to demonetize certain currency notes. In 2016, the federal government of India, led by PM Modi, took bold….

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Estate Administration, International, Uncategorized

LCO Releases Report on Capacity, Decision-making and Guardianship Laws

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Last week, the Law Commission of Ontario (“LCO”) released and presented to the provincial government, their final report reviewing Ontario’s statutory framework for legal capacity, decision-making and guardianship matters. The LCO focused on the relevant capacity provisions found in the Health Care Consent Act, the Substitute Decisions Act (“SDA”), and the Mental Health Act (“MHA”).  The report makes 58 recommendations to address issues such as financial elder abuse, misuse of….

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Attorney Compensation, Capacity Law, Elder Law, Fiduciary Professions, Power of Attorney, Powers Of Attorney and Guardianship Disputes

Unrealized Capital Gains: Take Action Now?

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As we head toward another federal budget to be released on March 22, there is much speculation about a change in the capital gain inclusion rate from 50% to 66.67% or 75%. Current Capital Gain Tax As the rules are currently written, only 50% of a capital gain is subject to tax in Canada. For an Ontario resident, the combined Federal and Ontario tax rate applicable to a high rate….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Real Estate, Tax Issues, Trusts, Uncategorized
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