Property

Total 146 Posts

Assessing Drake’s Estate Planning Needs

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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….

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Estate Administration, Estate Planning, In the News, International, Probate Tax, Property, Real Estate, Succession Planning, Tax Issues, Wills

INSURANCE TRACKING SHARES

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If 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….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Insurance, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized

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
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