Estate Planning

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Canadians are living longer, Estate Planning considerations

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Canadians are living longer. Current life expectancy is approximately 83 years.[1] This number has been steadily increasing annually and is expected to continue to do so[2]. One of the questions in the trivia game Outsmarted[3] played over the holidays was: “Approximately how many people over the age of 100 live in Canada?” The game’s answer was 11,500. While this number shocked the players, it is in line with what Statistics….

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Estate Planning

Keeping it Equal – Navigating Loans and Gifts to Children

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Today’s blog was written by Courtney Lanthier, Law Clerk at Fasken LLP With prices of basically everything going up these days, it is becoming more difficult for the younger generations (myself included) to be able to afford most things, including those big ticket items like cars and homes. The sad reality is, while our parents may have been able to afford a home at 25, today that is not always….

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Estate Planning, Loans, Wills

Shareholder Loan on Death

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There are several ways to extract funds from a business; salary, dividend, bonus or a shareholder loan. When a shareholder withdraws corporate funds by way of a shareholder loan, it will be recorded in the business financial statements and comes with tax implications to the shareholder.  This is because, a shareholder loan that is outstanding for more than one (1) tax year from the end of the tax year in….

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Estate Administration, Estate Planning, Executors, Loans, Tax Issues

The Smart Ageing Resolution: Have the Garden Conversation

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Happy New Year! The holidays provided an opportunity to catch up on various articles on a wide range of topics, including smart ageing. One of the most informative was a new report from the CSA Public Policy Centre on demographic changes in Canada’s aging population and policy implications for 2024.[1] The report takes a holistic view of complex interwoven factors, such as social, economic, and healthcare resources, which must be….

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Elder Management, Estate Planning, Smart Ageing

Because Lawyers Die Too: The Need for Mandatory Contingency Planning

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Death will affect every one of us, ultimately. Incapacity may impact us. The inevitability of death and the possibility of incapacity makes planning essential. Failure to plan is planning to fail. This inevitability is behind recent Law Society of Ontario (“LSO”) By-law amendments that require lawyers in private practice to develop and maintain a client contingency plan for preserving, carrying on or winding up their professional businesses. The requirement comes….

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Estate Planning, Executors, Interest

Disinheritance of Separated Spouses Takes Full Effect

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Today’s blog post was written by Latoya Brown, Associate at Fasken LLP. As the year draws to a close, it’s a natural time for reflection and planning. Many will be reviewing the past year, evaluating their goals and making new ones for the new year. In the realm of estates, it’s an ideal time to review your estate plan to ensure it is up to date as well as note….

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Estate Administration, Estate Planning, Family Conflict, Separation, Wills
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