This post was written by Jess Merber and Jo-Anne Ryan – TD’s Private Giving Foundation and Philanthropic Advisory Services. With the charitable giving season in full swing, it’s important to understand year-end tax planning and the value it can offer to clients who have charitable ambitions. When talking to clients,…
The Canada Revenue Agency provided its views regarding the income tax implications of a gift made by executors of an estate of a deceased individual. The taxpayer died in 2016. His Will named his three sons as equal beneficiaries and co-executors, with no designation of amounts to be given to…
Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in…
A recent article in the press reminded me of a trend in estate planning which appears to be taking more favor in recent times. It is not very complicated, can lead to considerable tax savings and other benefits while you are with the living. I am referring to the gifting…
Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at…
Canadians are charitable people. According to Statistics Canada, 82% of Canadians made a financial donation to a charitable or non-profit organization in 2013 (the latest year statistics are available). The amount given by donors increased from an annual average of $469 in 2004 to $531 in 2013. The most generous…
In last months’ Canadian Lawyer Magazine, Warren Porter, owner of Iron Gate Private Wine Management, wrote about wine as a liquid asset. When a wine collector dies, teh collection can be very valuable, and if the collection is not specifically dealt with in the Will, the issue becomes: how does an estate trustee realize this value for the beneficiaries?
“Charitable giving is a growing priority for many Canadians”, Joshua E. Thorne, Senior Will & Estate Planner, Scotia Private Client Group. If you want to learn more about this expanding area, read on…
What does the Court consider when determining which of several testamentary document stands? A summary of Gibbon Estate v. Sleeping Children Around the World
A recent news report by the Wall Street Journal details the latest turn in a high profile litigation regarding the multi-billion dollar estate of Hong Kong heiress Nina Wang.