Estate Administration

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Disability Tax credits and Bankruptcy

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In general, unpaid and to be paid disability tax credits can form part of a bankrupt’s estate in the form of property and income. If they are “property of the bankrupt” within the Bankruptcy and Insolvency Act, (the “BIA”), then they are 100% distributable amongst estate creditors in accordance with the priority scheme set out in the BIA. If they are “income” within the BIA, they are subject to contribution….

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Canada Revenue Agency, Disability, Estate Administration, Tax Issues, Uncategorized

Passing of Accounts –Made to Measure (Law)Suits

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A passing of accounts is the process whereby an estate trustee (or other fiduciary) provides the beneficiaries with a summary of all estate assets, liabilities, and transactions, in a given period. A passing of accounts can be done informally or through a court application. It provides transparency to the beneficiaries and protection to the estate trustee. Because the role of estate trustee is often filled by family members with little….

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Estate Administration, Estate Litigation, Family Conflict, Passing Of Trustees’ and Executors’ Accounts, Trustee, Trustee Disputes, Wills

Status Indians: From an Estate Planner’s Perspective

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This blog was written by Andrew Ashenhurst, TEP – Associate Estate and Trust Consultant with Scotia Wealth Management   A close friend of mine is actively involved in the Aboriginal space from both an economic and social development perspective. In his work he has often reached out to me with respect to Estate/Trust & incapacity planning topics. Through research and educating each other, I’ve learned of some interesting differences that….

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Estate Administration, Power of Attorney, Uncategorized, Wills

When Cash is not King?

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Most people keep their cash in bank accounts. However, to my surprise, some people still don’t, and for estate planning and administration purposes, this can be a real problem. Take the case of Temple v. Peddle, 2019 NLCA 2 in Newfoundland Labrador. Mrs. Peddle kept cash in a safe deposit box under a joint account with Mrs. Peddle’s son Leo, who was ultimately appointed guardian of her estate. Leo claimed….

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Estate Administration, Estate Planning, Executors, Family Conflict, Geriatric Care Management, Investments, Trustee

Lights, Camera, Estates!

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The Oscars are on Sunday, and I think we can all agree that the best movies always revolve around estates and trusts. Just look at the plot of my favourite Best Picture nominee this year: After an eventful career and life, the family patriarch suddenly passes away. Heartbroken and feeling responsible, his son (our hero) struggles as he takes his father’s place. His father’s estate was massive and contained very….

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Contracts, Estate Administration, In the News

Estate Applied to Have Filings Made by Taxpayer Lacking Mental Capacity Set Aside

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In Ntakos Estate v. The Queen, 2018 TCC 224, a family business was owned by the deceased taxpayer, Anna (after her husband passed away in 1995) with two brothers-in-law through a holding corporation. Anna’s mental and physical health declined from 1995 until her death in 2004. She was diagnosed in 2002 with cancer, and apparently lacked mental capacity after that date. In 2003, the accountant for the family business got….

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Canada Revenue Agency, Capacity Law, Estate Administration, Family Conflict, Investments, Property, Small Business, Spouse, Tax Issues, Testamentary Capacity, Uncategorized
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