Estate Planning

Total 1082 Posts

RESP’s – A couple more wrinkles on EAP’s and AIP’s

•

In a recent blog, I wrote that the Canada Revenue Agency (“CRA”) was asked whether the six month extension for making educational assistance payments (“EAPs”) out of a registered education savings plan (“RESP”) under the appropriate subsection of the Income Tax Act (the “Act”) can apply when the beneficiary under the plan is deceased and the answer was no because according to the CRA “any payment “to or for an….

RESP’s – A couple more wrinkles on EAP’s and AIP’s Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, RESP, Tax Issues, Trusts

Comprehensive Advice for Executors

•

I recently received an email from the member services department of the Canadian Bar Association which began as follows: “30% of our clients are lawyers that accept personal executor appointments. If it’s good for the lawyer, shouldn’t you tell your estate executor clients that it’s good for them, too?” The “it” in question is Estate Administration Insurance (or Executor Insurance). The language of the communication is pretty provocative: “executor risk….

Comprehensive Advice for Executors Continue Reading »

Estate Litigation, Estate Planning, Executors, Family Conflict

Pension Beneficiary Designations – Don’t Forget the Tax!

•

In Will drafting, it is common to include beneficiary designations for life insurance, TFSAs and RRSPS/RRIFs, but sometimes pension plans are overlooked. If the client has a spouse (married or common law), the spouse will automatically receive the client’s pension survivor benefits pursuant to Ontario law. However, members of a plan generally have the ability to designate a non-spouse beneficiary to receive benefits in the event that they die with no spouse surviving. In Ontario, the ability to designate a beneficiary by Will to receive benefits from a pension plan on a member’s death is found in sections 50 and 51 of the Succession Law Reform Act…..

Pension Beneficiary Designations – Don’t Forget the Tax! Continue Reading »

Estate Administration, Estate Planning, Spouse, Tax Issues, Wills

Managing the 2015 tax year liability and when to make the payment

•

Other bloggers have written in this forum on matters related to the tax liability of the deceased – how the liability is determined, when the payment is due, how to minimize the liability and on. Another decision to be made by the trustee is to determine how to fund the payment once the amount has been crystallized.
….

Managing the 2015 tax year liability and when to make the payment Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Real Estate, Tax Issues

What happens when you put a ring on it?

•

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 Planning
Scroll to Top