Estate Planning

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Death Benefit Payments

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The Canada Revenue Agency (CRA) recently released a translated technical interpretation with helpful guidance on the tax treatment of a death benefit payment in certain specific situations. A death benefit is income of either the estate or the beneficiary who receives it. Up to $10,000 of the total of all death benefits paid (other than CPP or QPP death benefits) is not taxable. The CRA had the following to say….

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Canada Revenue Agency, Estate Planning, Executors, Small Business, Tax Issues

Dude, Where’s My Car? – How to Transfer the Ownership of a Deceased Person’s Vehicle to a Beneficiary in Ontario

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More often than not, we come across the following question from an Executor: How do I transfer the ownership of the deceased’s vehicle where the deceased specifically named a beneficiary in the Will? This seems like a fairly simple process but as I’ve learned over time, nothing is as simple as it seems. This can be a time consuming and frustrating process for the Executor. Please note that for the….

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Estate Administration, Estate Planning, Executors, Wills

One in Ten: Why Bequest Donors Don’t Inform Charities

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One in ten.  That, according to charitable sector studies, is how many estate donors inform the charities in their will of their intentions.  While this ratio varies by charity it underscores a fascinating paradox.  Bequest donors trust charities enough to make them beneficiaries of their estate, but they don’t trust them enough to tell them in advance. The Paradox This paradox is frustrating for charities.  Charities spend a lot of….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

The Mysteries of Probate, Revealed

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Of all the questions I am asked about the administration of estates, the ones that come up the most frequently are: “what is probate?”; “how do I know if I need probate?”; and “what’s involved in applying for probate?” Herein – the answers…..

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Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Practice Management, Probate Tax, Succession Planning

Wills and Marriage: Should they go together like a horse and carriage?

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This Blog was written by Emily Racine, Estate and Trust Consultant with Scotia Wealth Management Recently, the Ontario government announced changes to some important areas of estate law. One of these changes, which I would like to touch on, is a change to the rules which govern wills and marriages. Under the current rules, if you were to get married tomorrow, your will would be automatically revoked unless it is….

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Estate Planning, In the News, Wills

Taxable preferred shares and estates – say what?

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The tax reform of 1987 introduced the term “taxable preferred shares”[1] to curtail the tax advantage for non-taxpaying corporations using preferred share financing over debt financing. The result of this reform subjected the non-taxpaying corporation to a (current) 25 per cent tax on dividends that were paid on taxable preferred shares in excess of a specified dividend allowance.  This tax imposed under the Income Tax Act is referred to as….

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Estate Planning, Tax Issues, Trusts
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