Estate Planning

Total 1082 Posts

Old Age Security Clawback – Grossed-Up vs Actual Dividends

• • 0 Comments

The Canada Revenue Agency (CRA) was reminded by a taxpayer individual about a perceived lack of fairness when required to include the dividends received at a grossed-up amount when calculating net income rather than only including the actual amount of dividends received. The taxpayer felt this was unfair because net income is used to calculate the reduction his or her old age security (OAS) pension. In their response the CRA….

Old Age Security Clawback – Grossed-Up vs Actual Dividends Continue Reading »

Canada Revenue Agency, Estate Planning, Tax Issues

JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

• • 0 Comments

When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it transfers to that person when I pass away? Are there any implications? Technically speaking, “putting someone else’s name on a….

JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT Continue Reading »

Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Administration and Probate Applications, Estate Planning, In the News, Interest, Investments, Joint Tenancy, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trusts, Uncategorized, Wills

Knowledge: The Inheritors’ Perspective

• • 0 Comments

RBC recently released their Wealth Transfer Report 2017. Some of results confirm what we have read for years about the percentage of people who have proper Wealth Transfer Plans in place. What caught my eye, were the survey results about the inheritor experience and educating the next generation. By way of context, this survey was comprised of 3,105 respondents from across Canada, U.S.A. and the U.K. with average investible assets….

Knowledge: The Inheritors’ Perspective Continue Reading »

Estate Planning, In the News, Uncategorized

Multiple Wills – the West Coast version

• • 1 Comment

This Blog was written by: Natalie Rouse Most of us are familiar with the 1998 decision of Granovsky Estate v Ontario. The case has been the leading authority to permit planning with multiple Wills in Ontario. The use of multiple Wills is now an integral part of the estate planning process for business owners and professionals. It is a frequently used and effective strategy in order to save (and in….

Multiple Wills – the West Coast version Continue Reading »

Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Uncategorized, Wills

TAXATION OF DEPRECIABLE PROPERTY TRANSFERS INVOLVING TRUSTS

• • 0 Comments

Pursuant to a certain provision of the Income Tax Act (“ITA”), if in the transfer of depreciable property between related parties, the actual cost to the transferee would otherwise exceed the capital cost (for tax purposes) to the transferor, the capital cost to the transferee is limited to the sum of the capital cost to transferor and the transferor’s taxable capital gain on the property minus any related capital gains….

TAXATION OF DEPRECIABLE PROPERTY TRANSFERS INVOLVING TRUSTS Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Real Estate, Tax Issues, Trusts

Principal residence and the change in use

• • 0 Comments

It is not unusual for find the value of a deceased’s home makes up a significant part of their net worth and estate value on death. Often there is an automatic reliance on the principal residence exemption to tax exempt the gain on the deemed sale triggered on death.  What if during the person’s life the property was used for other purposes such as a home office, or day care….

Principal residence and the change in use Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Property, Real Estate, Tax Issues
Scroll to Top