Total 144 Posts
Canadian Tire “money” has been distributed by Canadian Tire stores for almost 65 years. While CT Money is often dismissed, it may be a mistake to ignore the bills as a potential asset of the estate…..
The Value of Canadian Tire “Money” in Estates Continue Reading »
Estate Administration, Executors, Fiduciary Professions, In the News, Investments, Property, Succession Planning, Trustee, valuationThis is Part III of my saga on incapacity planning in a corporate context. Part I and Part II can be found respectively at: https://allaboutestates.ca/powers-of-attorney-for-property-implications-of-obtaining-a-formal-capacity-assessment/, and https://allaboutestates.ca/what-happens-when-a-shareholder-voting-or-a-director-becomes-incapable-powers-of-attorney-for-property-and-shareholder-agreement-drafting-tips/. As a reminder, Part II addressed two situations that we, as estate planners, are commonly asked about: A director becomes incapable – who can sign for them? A shareholder (voting) becomes incapable – who can attend to governance regarding electing directors and officers….
With real estate prices soaring, it’s no surprise that property is often at the heart of estate litigation. Certificates of pending litigation (CPLs) are a common tool used to ensure that a disputed property is not sold before the litigation is resolved. If the parties agree to remove a CPL so that the property may be sold, the agreement is generally contingent on holding the sale proceeds in trust pending….
How much security is enough? Continue Reading »
Estate Litigation, Family Conflict, Joint Tenancy, Property, Real Estate, TrustsCan an estate claim a loss for tax purposes if the estate sells the property for less than what it was valued for at time of death? Hard to imagine such circumstances in this current real estate environment but in the unlikely event it does occur, what are the rules?The Income Tax Act (“ITA”) deems a person to have disposed of their principal residence for proceeds equal to its fair….
SALE OF PERSONAL RESIDENCE AFTER DEATH Continue Reading »
Canada Revenue Agency, Cottage, Estate Administration, Estate Planning, Executors, Investments, Property, Real Estate, Tax Issues, Uncategorized
As a Toronto native, I couldn’t help but listen to rapper Drake’s highly-anticipated new album Certified Lover Boy, which he released just a few weeks ago. In fact, it has been enjoying record-breaking streaming numbers from music fans around the world, amassing a staggering 153 million global Spotify streams in its first 24 hours of release. Drake and his music are clearly influential on a global level. Drake’s songs have….
Assessing Drake’s Estate Planning Needs Continue Reading »
Estate Administration, Estate Planning, In the News, International, Probate Tax, Property, Real Estate, Succession Planning, Tax Issues, WillsIf a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….
INSURANCE TRACKING SHARES Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized