Total 1067 Posts
The addition of a common-law partner as a joint owner of a bank account with a right of survivorship may give rise to initial uncertainty as to whether the arrangement constitutes a gift. While such a designation may appear to be a gratuitous transfer, the presumption of advancement does not apply to a common law spouse added onto a joint account, even if there is a right of survivorship. If….
[caption id="attachment_21746" align="aligncenter" width="666"] Decisions, Decisions, Charles Pachter (Courtesy of Heffel Auctions)[/caption] Fine art is an asset class of growing importance among the affluent and is beginning to be a significant part of select estate plans. A recent estimate pegged the international art market at US$57.5 billion in 2024 (a 12% decline from 2023) and Canada has seen some record prices at auction. Many collectors are contemplating donating their art….
Estate Donations of Art Continue Reading »
Estate Donations, Estate Planning, Philanthropy/Charitable GivingAs we head into Thanksgiving weekend, I am sharing a guest post written by my son. Earlier this year, he and his partner celebrated a beautiful wedding surrounded by family and friends. Like many life milestones, it prompted some important conversations about their future together, including what would happen if something unexpected occurred. In this post, he shares his experience with estate planning as a newlywed, and the process of….
Young, Married, and Prepared: A First Experience with Wills and POAs Continue Reading »
Estate Planning, Power of Attorney, Spouse, Wills
Brianna Fable-Watson, Articling Student, Gowling WLG (Canada) LLP When planning your estate, creating a spousal trust is an effective way to ensure that your spouse is financially supported while also protecting the inheritance for your children or other beneficiaries. In a typical spousal trust, your surviving spouse receives the income produced from your assets during their lifetime, while the capital is (potentially) preserved for the next generation after they pass…..
This blog has been written by Rahul Sharma, Partner, at Fasken Martineau DuMoulin LLP, Toronto 2025 is flying by. We are now in its final quarter. Looking back at the year, I can think of one consistent theme in my discussions with other tax professionals: Canada Revenue Agency (“CRA”) audits and reviews. Industry professionals have remarked—and quite rightly, perhaps—that we are dealing with more audits, reviews and reassessments issued by….
The Year of the Audit and the Introduction of “Prompted” Disclosures Continue Reading »
Canada Revenue Agency, Estate Planning, Tax IssuesThis blog has been written by Pritika Deepak, Associate at Fasken LLP. Trusts play a significant role in wealth management and tax and estate planning. This blog post is not intended to supplant the important role played by the various and excellent texts written and published on the taxation of trusts. Rather, this blog post skims the surface of some important points to consider when dealing with trust taxation. Trusts….
Part I: Taxation of Trusts in Canada – A Broad Overview Continue Reading »
Estate Planning, Trusts