Estate Planning

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A change in trustee could be a tax problem

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The acquisition of control (AOC) rules in the Income Tax Act (ITA) are designed to prevent non-related persons or group of persons from trading in corporations that have unutilized losses for income tax purposes by restricting the corporation’s ability to deduct unutilized losses when control of the corporation has been acquired (i.e. change in shareholders). We know that the AOC rules can apply when there is a change in the….

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Canada Revenue Agency, Estate Planning, Tax Issues, Trustee, Trusts

To Take Flight or Not to Take Flight, That is the Question!

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A recurring mantra of many people is the phrase that they “need to get their affairs in order” when significant life events occur, when they are planning a trip or when they simply wake up one day and realize they don’t have a Will and they aren’t getting any younger. With the onslaught of COVID-19 in 2020, the theme of getting one’s affairs in order has become increasingly prevalent. We,….

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Estate Planning

Keeping Up from the Kasket – Planning Your Digital Death

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This post was written by Emily Rosen Can someone inherit a digital identity? At what point does an Instagram account become a business rather than a personal platform? We have already seen this happen with celebrities after they die; Paul Walker, Nipsey Hussle, and Michael Jackson all still have active Instagram accounts. The deceased rapper, Lil Peep, has faced significant controversy over his social media. As I write this, his….

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Estate Planning, In the News

Embracing the COVID-19 Ready Executor

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This Blog was written by Edward Ngo, Estate and Trust Advisor  with MD Private Trust, Scotia Wealth Management In Vancouver, the virtual estate planning landscape is changing before our eyes since British Columbia declared a state of emergency on March 18, 2020 due to the COVID-19 pandemic. The early contentious months of uncertainty surrounding the creation and execution of a Will in the middle of the pandemic has slowly subsided….

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Estate Planning
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