Total 1082 Posts
In my first blog on multiple wills, I briefly discussed the rationale for using multiple wills as a tool for managing estate administration tax and then turned to drafting considerations, specifically the introductory clause and the revocation clause. In this blog I will focus on provisions where there is potential for an unintended double payment…..
MULTIPLE WILLS: PART 2 Continue Reading »
Estate Planning, WillsThe CRA was asked if a deceased registered pension plan (“RPP”) member’s pension benefit could be transferred tax-free to the registered disability savings plan of the RPP member’s financially dependent infirm child .
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Registered Disability Savings Plan Rollover – Or Not Continue Reading »
Canada Revenue Agency, Dependant Support, Disability, Estate Planning, Tax IssuesRecently, the Canada Revenue Agency (“CRA”) was asked to comment on a scenario involving the transfer of a RRSP and a capital asset between ex-spouses, and one the spouses dies before the rollover can be effected: Do the tax free rollover provisions found in the Income Tax Act (“ITA”) still apply? In the scenario presented to the CRA, Mr and Mrs. Z are ex-spouses. They have a written separation agreement….
TAX FREE ROLLOVERS: DIVORCE AND DEATH – NOT A GOOD MIX Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Trustee, TrustsMany 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, WillsThere are many factors that can be attributed to this spike in death rates but the most plausible explanation is the change in weather…..
Winter is Coming Continue Reading »
Estate PlanningIn October, fellow blog-poster Corina Weigl wrote regarding the impact on individuals of recent changes to the rules surrounding the principal residence exemption. In addition to the changes impacting individuals, significant changes are proposed that will restrict the ability of trusts to claim the principal residence exemption residence for tax years after 2016. Currently, a personal trust is able to designate a property held in trust as a principal residence….
Principal Residence Exemption and Trusts Continue Reading »
Estate Planning