Estate Planning

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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

What is a Discretionary Trust?

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Discretionary trusts are a tool used in estate planning to create a flexible trust that provides trustees the discretion to decide who receives the income or capital from the trust and when. The trustees must choose from the class of beneficiaries that are named in the trust, however, none of the beneficiaries have an automatic right to receive proceeds from the trust. There are many benefits to this type of trust and some drawbacks that can be overcome through proper estate planning…..

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Estate Planning

When Spouses “Separate” Due to Changing Medical Needs

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This blog was written by Christina Papadopoulos, student-at-law at de VRIES LITIGATION LLP. How does a physical separation caused by the admission of one spouse into a long-term care facility impact the interpretation of a will? This was the question posed to the Ontario Superior Court of Justice in Stuart v. Stuart, 2019 ONSC 4328. In that case, a married couple lived together in a property they owned as tenants….

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Contested wills, Elder Care, Elder Law, Estate Administration, Estate Litigation, Estate Planning, Spouse, Wills

The perils of home purchase loans

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Executors and personal representatives are tasked with making sure the deceased’s tax obligations are properly dealt with out of the deceased’s estate. An issue that may arise in the course of dealing with the obligations is how to deal with loans and advances from a private company. The Canada Revenue Agency (CRA) recently shared its view on the application of a tax rule to a home purchase loan from a private….

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Canada Revenue Agency, Estate Planning, Executors, Tax Issues
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