cryptocurrency

Why Young Adults Need an Estate Plan—Even If They Don’t Own a House

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Back in 2019, I wrote a blog about estate planning for younger adults and the importance of addressing this often-overlooked issue. Today, I thought I would revisit and update this topic. Young adults often assume that estate planning is only relevant for older adults or wealthy individuals. When I was in my early 20s, even while working as an estate administration clerk, it wasn’t something I seriously considered for myself…..

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Estate Planning, Power of Attorney, Wills

Digital Assets: Spotlighting Client User Considerations (Part II)

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Today’s blog post was written in collaboration with Adele Ambrose – Student-at-Law at Fasken. This is the second part in a two-part blog series that explores the specific client considerations for digital assets in estate planning. In Part I, we took a look at the digital assets landscape in Canada and examined the legal considerations (and barriers) for managing digital assets in estate planning. From an estate planning perspective, while….

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Contracts, Estate Administration, Estate Planning, Property, Succession Planning

Digital Assets: Spotlighting Client User Considerations (Part I)

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Today’s blog post was written in collaboration with Adele Ambrose – Student-at-Law at Fasken. It has become clear that the “wait and see” approach to digital assets and digital currency has now shifted to a need for prudent guidance and action by advisors and institutions. According to CoinMarketCap, the total market capitalization for all cryptocurrencies is just under 1 trillion and in 2021 it was at 2 trillion dollars. Though….

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Contracts, Estate Administration, Estate Planning, Property, Succession Planning, Uncategorized, Wills

Crypto assets – Canadian or foreign – it matters!

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Crypto assets are intangible digital assets that exist on a decentralized network through distributed ledger technology (DLT) – such as blockchain. A distributed ledger is a type of database that stores electronic records shared and replicated across many locations in numerous countries and maintained by a peer-to-peer world-wide decentralized network. Therefore, the crypto asset is not exclusively situated in any particular country making it difficult for the taxpayer and professionals….

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Estate Administration, Tax Issues

Taxation on Cryptocurrency

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This Blog was written by: Dave Madan, Market Lead and Manager, Scotiatrust  We’re well into tax season, but for this year, your review of your taxable transactions may be very different. You might have explored investing or trading cryptocurrency. Buying and selling some Dogecoin after Elon’s tweets does carry income tax implications. Everyone exploring this new age of investment should understand the implications, as well as their advisors looking to….

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Uncategorized

Digital Assets and RRSP’s, TFSA’s, RESP’s, etc

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Do digital assets  e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens,  qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue came to my attention recently when a client asked me to assist him with a formal request to reverse a….

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Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, Uncategorized
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