LATE FILED ELECTION TO SPLIT PENSION INCOME

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While we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you late file the elections and will the CRA accept them and re-assess accordingly? Recently the CRA was asked to comment….

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Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, Trustee

Registered Disability Savings Plans – Don’t Overlook Them!

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An incredibly useful and sometimes overlooked tool in planning for a client with a disabled loved one is the Registered Disability Savings Plan (“RDSP”). Here are a few key facts to know in discussing RDSPs with your client:[1] To qualify for an RDSP, the beneficiary must be eligible for the disability tax credit (“DTC” ). A person will be eligible for the DTC only if a medical practitioner (usually the….

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Estate Planning

The 1870 Test for Testamentary Capacity: time for an update

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The leading case on testamentary capacity for almost 150 years has been that of Banks v Goodfellow – a judgment written on appeal by Chief Justice Cockburn of the English High Court in 1870.  The four broad criteria that emerged from his judgment have formed the basis of virtually every Will challenge case since that time – this, despite the fact that a few things have changed since 1870.  This….

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Capacity Law, Estate Litigation

Don’t Look a Gift House in the Mouth

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“A resulting trust arises when title to property is in one party’s name, but that party, because he or she is a fiduciary or gave no value for the property, is under an obligation to return it to the original title owner.” Pecore v Pecore (SCC). In 1969, Luisa immigrated from Portugal to Canada. By 1972, all of Louisa’s seven children had joined her (spanning in ages from 20 to….

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Estate Litigation, Property, Real Estate, Resulting Trust, Trusts
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