Criminals Cannot Profit From Their Crimes – Or Can They?
Criminals Cannot Profit From Their Crimes – Or Can They? Continue Reading »
Contested wills, Estate Administration, Estate Litigation, Executors, Family Conflict, In the News, WillsExecutors
Total 348 Posts
TOSI and the Estate Plan
Since 2018, the tax on split income (TOSI) rules have impacted common estate planning practices. While much of the TOSI focus is on planning during one’s lifetime, post-mortem planning strategies have also been affected. It follows that a post-mortem planning strategy must now be considered in light of TOSI, as these rules provide specific lifetime and estate planning exceptions. When TOSI applies, the benefits of income sprinkling may be significantly….
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Estate Planning, Executors, WillsPaper vs. Electronic Filing of Estate Information Returns!
Today’s blog was written by guest bloggers, Tracy Parkinson and Krista Brown, law clerks in the Private Client Services group of Fasken LLP. It’s hard to believe that we have been filing Estate Information Returns (the “EIR”) with the Ministry of Finance (the “Ministry”) since January 1, 2015, but if I start thinking about it, Ontario estates law has seen as much change in the last 4 or 5 years….
Paper vs. Electronic Filing of Estate Information Returns! Continue Reading »
Estate Administration, Estate Administration and Probate Applications, Executors, WillsDeath of a Beneficiary – Alter Ego and Joint Spousal Trusts
At a recent tax conference, the Canada Revenue Agency (CRA) shared its view on reporting a post-mortem loss incurred by a trust in the first year following the death of the last life interest beneficiary (the settlor in the case of an alter ego trust, and the last to die of the spouses in the case of a joint spousal trust. Both an alter ego trust and a joint spousal….
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Canada Revenue Agency, Executors, Tax IssuesProposed relief for inter-vivos trusts
A recent letter from officials of Tax Legislation Division provides hope for trusts established for an individual eligible for the Disability Tax Credit (DTC) to qualify for the principal residence exemption. Specifically, the letter addressed concerns raised by an adviser in respect of her client regarding the benefit of the client’s DTC-eligible son, who was otherwise ineligible for the principal residence exemption. On October 3, 2016, income tax measures were….
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Elder Care, Estate Planning, Executors