LCGE for Sole Proprietors – When the Exception Makes the Rule

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This article is written by Nicole Ewing, Director, Tax & Estate Planning, TD Wealth As professional advisors, we often speak in generalities and paraphrase rules to make our complex worlds more accessible to our clients. But there’s a risk in this oversimplification – sometimes important exceptions become unknown and worse, underutilized. For example, when we consider succession planning options for business owners, the Lifetime Capital Gains Exemption (LCGE) invariably takes centre….

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Estate Planning, Small Business, Tax Issues

Lam v Law Estate: Gender bias permits variation of discriminatory will

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Today’s blog post was written by Latoya Brown, an Associate at Fasken LLP. The discussion of discriminatory wills continues with a new case out of the British Columbia Supreme Court. In Lam v Law Estate, 2024 BCSC 156, the court varied a testatrix’s will on the reasoning that the testatrix’s bias did not meet contemporary standards of fairness. The testatrix was survived by her two independent adult children, her son….

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Capacity Law, Caregiving, Compensation, Contested wills, Courts, Dependant Support, Elder Law, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Family Conflict, Succession Planning, Uncategorized, Wills

Canadian Charity Law’s Turning Point

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[caption id="attachment_21029" align="aligncenter" width="322"] Aura Vaucrosson, Canadian Charity Law Pioneer, with Malcolm Burrows[/caption] In the 1970s, Canadian charity law dramatically evolved and became imbedded in the Income Tax Act.  While this is ancient history, I have personal connections with the drafting Working Group at the Department of Finance that I rediscovered. To my delight, after 45 years, I reconnected with one of the drafters in Ottawa this summer.  Aura (Elliott)….

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Philanthropy/Charitable Giving

A Tale of Two Limitation Periods

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In Ingram v. Kulynych Estate, 2024 ONCA 678, the Court of Appeal for Ontario considered the appropriate limitation period where two different limitation periods were applicable and apparently in conflict in relation to a claim against an estate. Background Henry Kulynych died in February 2017. In his Will, Mr. Kulynych left his estate to his first wife, and if she predeceased him, which she did, then to his three children…..

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Uncategorized

Jointing family assets to avoid probate: Is it still that simple?

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Douglas Buchmayer, Gowling WLG (Canada) LLP As many of you will be aware, probate is the process by which the Will of a deceased person is submitted to the Court for verification. A tax under the Estate Administration Tax Act of Ontario (formerly known as “probate fees”) of 1.5% is levied on the value of all assets of the deceased dealt with by that Will. Notionally not included in the….

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Estate Planning, Uncategorized

I Want To Disappear: The Power of Grief

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As much as I love writing about the law, it’s important to sometimes take a moment to acknowledge the people that it affects. I’ve noticed that over the past few months I’ve worked with several clients who felt motivated to revisit their estate planning after the death of someone they knew. But, in each case, the death didn’t impact the planning; the deceased wasn’t a beneficiary or trustee of the….

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Grief
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