Estate Planning

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Trust in the Raptors

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Sports/Estates fans, we’re in that period during the year where playoff hockey and basketball overlap with the beginning of the baseball season. A lot of questions come up for fans during this time: He’s making HOW much?How can the team get out of that guy’s contract?What would happen if the Boston Bruins spontaneously combusted in the middle of their playoff game? For this week’s blog, I thought I would cover….

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Contracts, Estate Planning, In the News, Trusts, Uncategorized

Individual Pension Plans Revisited (Again) – What about Pension Transfers?

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When a member of an employer sponsored pension plan ceases employment, the member may receive a lump sum payment for the commuted value of their pension rights, exposing that member to a significant tax bill, as only a limited amount of the payment can be transferred to an RRSP. There exists the possibility of using the pension payout to fund an IPP. Under the right circumstances this may permit the….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Property, Small Business, Tax Issues, Uncategorized

Isle of Trusts

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Spring is (kind of) here and summer is (hopefully) around the corner.  Like every year, Torontonians will no doubt soon make their way to the Toronto Islands during the summer weekends.  A group of 15 islands interconnected by pathways and bridges in Lake Ontario, the Islands are approximately 15 minutes away by ferry from downtown Toronto.  With its beaches, activities, and nature paths, it’s a popular spot for Torontonians to….

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Estate Planning, Property, Real Estate

The CPP Child Rearing Dropout and its Impact on Survivor Benefits

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Today’s blog was written by Monique J. Charlebois, a bilingual lawyer with more than 20 years of experience practicing Ontario estates law.  If you have clients who have lost a relatively young spouse/parent who was the primary caregiver to young children for many years, letting them know about the Child Rearing Dropout provisions could have a significant impact on their financial situation. In general, CPP survivor benefits are paid monthly….

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Canada Revenue Agency, Caregiving, Estate Administration, Estate Planning, Spouse, Succession Planning

Pipelines and non-resident beneficiaries

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Without proper tax planning, private company shareholders face the prospect of a double tax on the value of shares – once at the time of death and again when the successor beneficiaries extract the share value from the company.  Post mortem “pipeline” planning solves this problem by allowing the estate to extract the share value without additional tax paid in the deceased shareholder’s final return, that is, before a recently….

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

Annulled Charities

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Annulment is one of those antiquated words the whispers “convenience” and “pragmatism”.  Failed or incomplete marriage?  Divorce not an option? A Church-granted annulment will set both partners free.  Annulment is also a term in the Income Tax Act that applies to registered charities and registered amateur athletic associations. It’s rarely used, and the rules, as with marriage, are forgiving and practical. 206 Annulments The CRA database of registered charities currently lists 206 registered….

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