This blog post has been written by Darren G. Lund, Partner at Fasken LLP With the holiday season having only recently passed (although in many ways it feels like a long time ago already), I am reminded of how easy it is for news items to get lost in the hustle and bustle of year-end planning and preparations. In the estate planning world, this past year-end contained a welcome development….
This blog was written by Karen Crellin, Estate and Trust Advisor at MD Private Trust Company which is part of Scotia Wealth Management *Note: This post was written by a Saskatchewan planner with a focus on common law. It is important to seek guidance in your own province to ensure your plan works there.* Most people know about beneficiary designations. The investment vehicles under which beneficiaries can be designated include registered….
DEATH OF A DESIGNATED BENEFICIARY Continue Reading »
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Designating the surviving spouse or common-law partner as the successor holder of the Tax Free Savings Account “TFSA” simplifies the administration of transferring the account upon the death of the decedent. A successor holder may only be a spouse or common-law partner. All provinces and territories in Canada, except Quebec, recognize the designation of a successor holder of a TFSA in the contract itself although the designation can also be….
Designating a successor for the TFSA Continue Reading »
Succession PlanningDo 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….
Digital Assets and RRSP’s, TFSA’s, RESP’s, etc Continue Reading »
Canada Revenue Agency, Estate Planning, In the News, Investments, RESP, RRSP, Tax Issues, UncategorizedFurther to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution to a TFSA or RRSP resulted from a reasonable error under the applicable sections of the Income Tax Act (“ITA”). With regard to TFSA’s, it would be for….
What is a Reasonable Error Continue Reading »
Estate Planning, In the News, Investments, Property, Tax Issues, UncategorizedA couple years ago, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. The penalties for not abiding by the non-residency contribution rules are severe – essentially 1% per month….
TFSA’s and Non Resident Penalties – An Update Continue Reading »
Canada Revenue Agency, International, Investments, Liability, Tax Issues, Uncategorized