Property

Total 144 Posts

When Leaving Your Premises for Medical Reasons and Never Go Back: Need a Plan

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I do a lot of work in the insurance industry. Recently, I came across a court case which I thik is a cautionary tale for estate planners and executors. In Gregson v. CAA Insurance., 2021 ONSC 3041, Ms. Gregson was a property owner and name insured on March 17,2017 when her property sustained water damage. A plumber determined that the pipes servicing a bathroom sink had a crack in the….

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Capacity Law, Caregiving, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Geriatric Care Management, In the News, Insurance, Power of Attorney, Property, Testamentary Capacity, Trustee

Tax on principal residence? How to plan for a change of use

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No, the government did not eliminate or claw back the principal residence exemption in the 2021 Budget, as had been speculated. Yet, there is a circumstance in which a taxpayer could face an unexpected tax burden in respect of a principal residence: when there is a change in use of a property. AS an executor, the expectation of a tax-free receipt on the sale of what was the deceased’s home may….

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

Some Ins and Outs of RRSPs & RRIFs Transfers on Death

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Generally the RRSP or RRIF of a deceased can be transferred by specific bequest under the terms of the deceased’s will to a qualifying survivor tax-free. A qualifying survivor would be the deceased annuitant spouse or common-law partner or a financially dependent child or grandchild. When payments from a deceased annuitant’s RRSP are paid to the annuitant’s estate and a qualifying survivor is a beneficiary of  the estate, the deceased….

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Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Investments, Property, RRSP, Tax Issues, Uncategorized, Wills

Today’s Executor is a Digital Executor

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Today’s Executor is a Digital Executor The estates and trusts world has taken notice of the importance of digital assets—there is no question about that. Now that we know that an individual’s digital assets are something that advisors and clients alike need to consider for every estate planning matter, the estates and trusts industry as a whole needs to start to thinking about how to best plan for those digital….

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Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Property, Succession Planning, Trustee, Wills

What is a Reasonable Error

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Further to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution  to a TFSA or RRSP resulted from a reasonable error under the applicable sections of the Income Tax Act (“ITA”). With regard to TFSA’s, it would be for….

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Estate Planning, In the News, Investments, Property, Tax Issues, Uncategorized

New Privacy Legislation Aims to Address Digital Assets in Estate Administration

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Practitioners and clients alike have come to realize that there can be numerous legal challenges to administering a testator’s digital assets, including, among them, ambiguous or restrictive privacy legislation. For most Canadian provinces,[1] the federal Personal Information Protection and Electronic Documents Act (“PIPEDA”) does not appear to grant executors, trustees, or personal representatives any powers or capabilities with respect to the disclosure of a testator’s personal information. However, in November 2020,….

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Contracts, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Estate Planning, In the News, Power of Attorney, Property
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