Interest

Total 42 Posts

Estate Freezes and a Spouse’s ILA

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Estate freezes can raise important questions—like whether the freezor’s spouse should seek independent legal advice (“ILA”). This blog unpacks why that recommendation matters. Estate Freeze Consider the following estate freeze, which intentionally is explained in a “bare bones” manner. A spouse (“Freezor”) is exchanging their common shares in a Canadian controlled private corporation (“Family Corp.”) for fixed value preference shares. A new discretionary family trust is settled for the benefit….

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Interest, Separation, Spouse, Succession Planning, Trustee, Trusts

TAX CONSIDERATIONS FOR GIFTS OF SHARES IN CANADA

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Gwenyth Stadig, Natasha Barrett, Upama Poudyal, Abdullah Khalid, Amber LeBlanc all of Gowling WLG (Canada) LLP Canadian donors can donate a variety of types of property to “qualified donees” which gift can be eligible for donation tax credits. Subsection 149.1(1) of the Income Tax Act (“ITA”) defines the term “qualified donee” (“QD”) to include Canadian registered charities. The Canada Revenue Agency (“CRA”) maintains a list of QDs here. The nature….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Interest, International, Investments, IRS

Because Lawyers Die Too: The Need for Mandatory Contingency Planning

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Death will affect every one of us, ultimately. Incapacity may impact us. The inevitability of death and the possibility of incapacity makes planning essential. Failure to plan is planning to fail. This inevitability is behind recent Law Society of Ontario (“LSO”) By-law amendments that require lawyers in private practice to develop and maintain a client contingency plan for preserving, carrying on or winding up their professional businesses. The requirement comes….

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Estate Planning, Executors, Interest

Penalties Under the Income Tax Act – Executor Beware

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As a follow-up to my last article on key filing deadlines for estates, this article discusses tax penalties and interest. For executors, missing a tax deadline can come with serious tax implications, notably the application of a penalty and interest. Late Filing Penalty Under the Income Tax Act, there are several sections dealing with the application of penalties.  Deadlines are important and there is a penalty equal to five percent….

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Estate Administration, Executors, Interest, Liability, Tax Issues

Financial Fraud Against Older People: what are banks doing about it?

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“Your credit card starting with 4567 has been locked due to suspicious activity.  To restore access to your account, please verify your information using the link below.”  Older people are 33% more likely to lose money in a scam than any other age group, according to Elder Abuse Prevention Ontario, and only 5% of victims report it to the police.   Once someone has been defrauded, they are likely to be….

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Elder Care, Elder Management, Interest

‘TILL DEATH DO US PART

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Today, over half of Canadians own a pet. However, a recent survey shows only 7% of pet owners have made formal arrangements for them. If there is no provision in your estate plans, your beloved pet might not be taken care of in the manner to which they’ve become accustomed…..

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Estate Administration, Estate Planning, Family Conflict, In the News, Interest, Succession Planning, Wills
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