Estate Planning

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Transferring Wealth During Your Lifetime

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I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method of distributing your wealth and possibly avoid taxes at time of death. Though there is no inheritance tax in Canada….

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Business Succession Planning, Estate Planning, Investments, Loans, Philanthropy/Charitable Giving, Probate Tax, Real Estate, Succession Planning, Tax Issues, Trusts, Uncategorized

“Death be not proud, though some have called thee mighty and dreadful, for thou are not so…” – John Donne

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It is never easy when a loved one dies. Only adding to one’s grief is the fact that the administrative tasks to deal with a death can be complicated. There is any number of loose-ends to address and specific steps to take to bring finality to a life well-lived…..

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Caregiving, Elder Care, Estate Administration, Estate Planning, Executors, Funeral Planning, Geriatric Care Management, Spouse, Succession Planning

Best Laid Plans: The Sculpture Fund

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[caption id="attachment_11235" align="aligncenter" width="800"] Florence Wyle and Frances Loring, 1919.  Photo by Robert Flaherty[/caption]   Frances Loring (1887–1968) and Florence Wyle (1881–1968) were Canadian sculptors and life partners. In 1963 they prepared mirror wills to “assist and encourage Canadian Sculpture” through a testamentary trust, The Sculpture Fund.  Their beloved home, a Victorian church in mid-town Toronto, was to become a meeting place for sculptors and artists.  But after their deaths,….

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

Gift of Ecologically Sensitive Lands and the Carryover period for charitable donation deduction

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In Yellow Point Lodge Ltd. v, The Queen DTC 1130, the Company owned certain lands on Vancouver Island, mostly undeveloped and in its natural state. In June 2008, the Company granted a covenant and other specified legal interests with respect to a parcel of ecologically-sensitive land, to two organizations, with estimated fair market value in excess of $5 million. Initially, the Company did not claim a deduction in respect of….

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Canada Revenue Agency, Estate Administration, Estate Donations, Estate Planning, Real Estate, Tax Issues, Uncategorized, Wills

Avoiding Common Pitfalls with Beneficiary Designations

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This blog was written by Isabelle Cadotte – Estate and Trust Consultant with Scotia Wealth Management Beneficiary designations on registered accounts and pension plans (RRSPs, RRIFs, TFSAs, etc.) and life insurance policies are a double-edged sword when it comes to estate planning. They are simple to implement – a designation can be made by Will or with a form supplied by the financial institution or insurance company. They also offer….

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Estate Planning, Uncategorized

Attribution under 75(2)

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Income attribution rules, generally speaking, operate so that income of one person (the actual recipient of the income) is attributed to and becomes income of another person (the transferor). Whether or not income which is subject to subsection 75(2) is first and foremost income of the trust itself can be significant for how the trust return is prepared and/or whether or not a liability for alternative minimum tax. When questioned,….

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