Tax Treatment of Monetary Inheritances

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Do you ever wonder why things are the way they are? Someone does and that someone recently asked the Canada Revenue Agency why inheritances are not taxable. Although the questioner was told by his or her accountants that inheritances are not taxable in Canada, they asked the Canada Revenue Agency (CRA) to reply with details of the specific legislation that carves out inheritances. In their response the CRA confirmed that….

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Estate Planning

SEPARATED COMMON LAW SPOUSES DON’T BENEFIT FROM ROLLOVERS – THE SEQUEL

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In my last blog, Who Knew There is a Benefit to Having Two Spouses, I spoke of the ability to benefit from a rollover for income tax purposes in respect of property that passes to two different individuals, each of whom qualifies as the spouse or common-law partner of the deceased taxpayer. Subsequent to that blog I received several responses from readers providing me with additional food for thought on….

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Estate Planning, Home-Right

The End of Life-Discussion

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“For most people in the developed world, conversations about such topics (as death) never take place. Young people remark in passing that they would rather be dead than go into a nursing home; that they do not want to die in hospital; that they do not want a drawn-out, agonising end. The closer that end is, the less it is talked about. The result is that hard choices are made….

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Estate Planning, Home-Left, International

Is there such a thing as a ‘Lucid Interval’ in dementia?

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Among other medico-legal concepts,  the ‘lucid interval’ is a long held concept widely accepted in case law as a possible means of countering a challenge to testamentary and related capacities.  In parallel, the clinical phenomenon of cognitive fluctuation has been considered a common element of several neurodegenerative disorders (dementias) including Alzheimer Disease, but especially prevalent in Vascular Dementia and Dementia with Lewy Bodies. In the spirit of the philosopher Karl….

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Elder Care, Estate Planning, Home-Right

Gifts of RRSPs/RRIFs by Direct Designation

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Directly designating a charity as the beneficiary of a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) has a number of advantages, but also a risk. A direct designation gift is arranged by naming one or more charities on the RRSP/RRIF plan documents. After the death of the plan owner (normally the second spouse post spousal rollover), the plan trustee pays the balance of the RRSP/RRIF directly….

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Estate Planning, Home-Right, Philanthropy/Charitable Giving

Calculating Dependant’s Support-A View from the Divisional Court

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The background in Quinn vs Carrigan is well known to estate and family law litigators as the parties have been involved in extensive litigation, including two trials and two appeals.  The first trial and its subsequent appeal, which focused on the issue of who is a “spouse” pursuant to the Pension Benefits Act, led to legislative changes in Ontario.  A summary of that court of appeal decision can be found….

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Estate Planning, Home-Right, International
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