Baker Tilly WM LLP

CPP: TO DEFER OR NOT DEFER

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For several years now, clients and contacts (with more frequency of late, and that’s no accident) have been asking me: “Hey Steve, I am turning 65 shortly, do I apply for CPP now or do I wait – what makes more sense financially” Based on analysis provided by experts in the financial planning sector (and more recently, published articles on the subject) my answer usually takes the form of “it….

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Canada Revenue Agency, Compensation, Estate Planning, In the News, Insurance, Investments, Tax Issues, Uncategorized

SOME TAX TIPS IN THE COVID ERA

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Our epidemiologists and public heath officers are warning us gently that the dreaded virus will be with us for awhile. Nevertheless, we are all hoping that our economy will recover soon (and to some extent our financial markets have), but it appears asset values in general may be depressed for some time to come. In this context, there may some some opportunities to free up some cash flow and/or reduce….

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

Estate Planning for the Family Cottage

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Much has been written in this blog space and many others on this topic. Several times a year (in some years more often than others), we are asked in our practice about to advise on succession or estate planning issues for the family cottage. I was recently alerted to a very good article called How to Estate Plan for the Family Cottage by Tim H. R. Brown of Richard, Buell….

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Cottage, Estate Administration, Estate Planning, Family Conflict, In the News, Investments, Joint Tenancy, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills

Someone else’s tax bill – Sometimes there is no getting away from it!

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In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as his beneficiaries under a beneficiary designation in respect of the LIF. In his will, the deceased named his daughters as….

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Canada Revenue Agency, Courts, Estate Administration, Estate Litigation, Executors, Investments, Liability, Tax Issues, Trustee, Trusts, Uncategorized, Wills

WHAT ABOUT A CORPORATE EXECUTOR?

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A lot has been written about how should choose an executor, and some of it in this blog place. A couple of years ago, fellow boggler Emily Hubling wrote eloquently about the risk and rewards of appointing a professional advisor as executor. I would like to revisit some of the points made in the context of appointing a corporate executor, some who is specifically skilled and trained for the role…..

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Attorney Compensation, Compensation, Credibility, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Fiduciary Professions, Trustee Compensation, Trusts, Uncategorized, Wills

BARE TRUSTS

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A bare trust, also referred to as a naked trust, exists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust. The sole duty of a bare trustee would be to convey legal title to the trust property on demand of and according….

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Canada Revenue Agency, Courts, Estate Planning, Investments, Joint Tenancy, Property, Resulting Trust, Tax Issues, Trustee, Trusts, Uncategorized
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