Total 1065 Posts
Saturday’s Toronto Star featured an article on a marriage “predator”. The article tells the sad story of an 89 year old man – Charlie – who married a 65 year old woman – Galina – because she promised to look after him and ensure he’d never have to move to a nursing home. They essentially struck a deal: caretaking in exchange for a mention in the Will. Charlie was not….
What happens when you put a ring on it? Continue Reading »
Elder Law, Estate PlanningSection 9 of the Ontario Estates Administration Act (“EAA”) is often referred to as the “automatic vesting” provision, since it provides for the automatic vesting of real property in certain circumstances. Specifically, subsection 9(1) provides that real property that is not “disposed of, conveyed to, divided or distributed” among the persons beneficially entitled to such real property within 3 years of the date of death automatically vests in the beneficiaries….
AUTOMATIC-ISH VESTING OF REAL PROPERTY Continue Reading »
Estate PlanningWhen an individual taxpayer transfers or loans directly or indirectly property to a corporation, certain provisions of the Income tax Act (“the Act’) may deem the transferor to have received annual interest income on the property at the prescribed rate as set out in the Regulations of the Act. The deemed income will fluctuate with the prescribed rate and the rate is not locked in at the time of transfer…..
ESTATE FREEZES AND CORPORATE ATTRIBUTION RULES: A QUICK REFRESHER Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Succession Planning, Tax Issues, TrusteeThe tax treatment in Canada of testamentary charitable remainder trusts (CRT) has long been an exercise of metaphysical complexity. Although a charity may receive property from a trust established by will, tax receipts are rare. What looks like a gift isn’t for tax purposes. The new “estate donation” rules in sub-section 118.1(5) that became effective in 2016 have quietly changed this reality, but it may take a while for CRA….
Rethinking Testamentary Charitable Remainder Trusts Continue Reading »
Estate Planning, Philanthropy/Charitable GivingThe CRA was asked if care expenses paid to a retirement home for an individual suffering from Alzheimer disease could qualify as an eligible medical expense…..
Care expenses paid to a retirement home Continue Reading »
Canada Revenue Agency, Disability, Elder Care, Estate Planning, Executors, Tax IssuesLast week, along with my associates Teresa Acs and Holly Allardyce, I attended an event presented by law firm WeirFoulds, titled Mind Over Matter: Living with a Healthy Brain. The session featured two “members” of the Women’s Brain Health Initiative (WBHI). WBHI is a charitable non-profit with a mandate to “provide education and fund research to combat brain aging diseases that affect women”. Lynn Posluns is the Founder, President and….
coffee, dark chocolate and red wine Continue Reading »
Estate Planning