Estate Planning

Total 1068 Posts

Inconsistency in CRA policy for dividends paid to a deceased beneficiary

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A recent article discussed taxation anomalies that occur due to timing differences between when a trust receives a dividend and subsequently pays and allocates a dividend to a beneficiary. CRA view 2016-0647621E5 provides that when a trust receives a dividend in the year and subsequently pays and allocates the dividend to a beneficiary in the same year, the allocation of the dividend for tax purposes occurs on December 31 of the year because….

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

What is a Reasonable Error

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Further to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution  to a TFSA or RRSP resulted from a reasonable error under the applicable sections of the Income Tax Act (“ITA”). With regard to TFSA’s, it would be for….

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Estate Planning, In the News, Investments, Property, Tax Issues, Uncategorized

Disability Tax Credit

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The 2021 Federal Budget included proposals that would see an expansion of the Disability Tax Credit to more Canadians. The Disability Tax Credit (DTC), with a value of $1,299 for 2021, is a non-refundable credit intended to offset the impact of disability-related costs. In order to claim this credit, a taxpayer must have a certificate confirming they have a severe and prolonged impairment in physical or mental function, or be….

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Canada Revenue Agency, Capacity Law, Caregiving, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Tax Issues

Suggestions to Reduce the Potential for Elder Financial Abuse

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I suggest that improved screening for vulnerability to abuse is clearly needed for seniors appointing family members as attorneys for property…..

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Capacity Law, Caregiving, Elder Care, Estate Planning, Family Conflict, Fiduciary Professions, Geriatric Care Management, Guardianship, Passing Of Trustees’ and Executors’ Accounts, Power of Attorney, Powers Of Attorney and Guardianship Disputes

A Royal Estate

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This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management  Prince Philip, Duke of Edinburgh was born on June 10th, 1921 and passed away on April 9th 2021, at the age of 99. The Duke was born Prince Philip of Greece and Denmark but abandoned these titles and styles, becoming a naturalized British subject before his engagement to Elizabeth (as she then was). Philip had four….

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Estate Planning, In the News, International, Wills

Can a McDonald’s Paper Napkin be a Valid Will?

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We know that a suicide note can constitute a valid will in British Columbia, and possibly in Ontario. However, can a will written on a paper napkin from a McDonald’s restaurant be a valid will in Saskatchewan? This was interesting issue was addressed in Gust v. Langan. The Facts Six months before he passed, testator Philip Langan was dining at a McDonald’s restaurant in May or June of 2015 when….

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Estate Planning, Family Conflict, Interest
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