Many individuals make donations to charities in their Wills. Not only does this fulfill philanthropic goals, but it also provides a tax benefit. Making a charitable gift by will provides donation tax credits which can be used to offset the deemed disposition of capital property that occurs on death…..
Charitable Donation Tax Credits – When Can They Be Utilized? Continue Reading »
Estate Planning, In the News, WillsDating back to the 12th century when the English court of equity created the concept of the “use”, which in modern day is known as the “trust”, trusts have been an important tool in estate planning for both tax and non-tax reasons. Prior to January 1, 2016, testamentary trusts had enhanced tax benefits for purposes of incorporating into an estate plan. Effective January 1, 2016, changes to the Income Tax Act (the “ITA”) eliminated one of these enhanced tax benefits that testamentary trusts offered, leading practitioners to ask whether testamentary trusts continue to serve a purpose in a individual’s estate plan…..
Testamentary Trusts – Are they Dead? Continue Reading »
Estate Planning, TrustsSince February 6, 2015 when the Supreme Court of Canada decided in Carter v Canada, 2015 SCC 5 to strike down the ban on assisted dying in the Criminal Code, RSC 1985, c C-46 as being unconstitutional, the government was obligated to legislate who would be eligible to obtain medical assistance in dying, what safeguards ought to be followed to ensure that vulnerable individuals would be protected and to create a system that would monitor accountability, transparency and public trust. After much discussion and consultation on the controversial legislation, on June 17, 2016, Bill C-14 received Royal Assent…..
Medical Assistance in Dying – Where Are We Now? Continue Reading »
Estate Planning