Spouse

Total 78 Posts

LATE FILED ELECTION TO SPLIT PENSION INCOME

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While we are on the subject of joint elections to split pension income in the year of death: What if, as trustee of the estate, you discover that the deceased and his spouse did not split eligible pension income in the years prior to his year of death. Can you late file the elections and will the CRA accept them and re-assess accordingly? Recently the CRA was asked to comment….

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Canada Revenue Agency, Estate Administration, Estate Planning, Liability, Spouse, Trustee

MYTHS, MYTHS AND MORE MYTHS – WHAT’S THE REALITY?

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Over the course of my practice I’ve had clients, family and friends all make pronouncements with respect to matters related to Wills and estate planning as if the statements are fact, when in reality they are often myth. Being someone whose profession operates on fact, I will try to set the record straight. From time to time though, the prosthelizer is so certain in his or her “cocktail party advice”, that attempting to set the record straight is challenging. In today’s blog I’d like to debunk some of the myths…..

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Power of Attorney, Probate Tax, Spouse, Wills

ESTATE PLANNING REFRESHER: TRANSFER OF LIFE INSURANCE

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From time to time, we are asked about the tax consequences of transferring life insurance policies particularly in the context of some common (or not-so common) estate and trust planning scenarios involving transfers. As most people know, when a transfer of ownership of a life insurance policy occurs, the transferor reports a taxable gain, which is essentially the proceeds of disposal less the transferor’s’ adjusted cost basis (ACB) in the….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Guardianship, Insurance, Spouse, Tax Issues, Trusts

Pension Beneficiary Designations – Don’t Forget the Tax!

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In Will drafting, it is common to include beneficiary designations for life insurance, TFSAs and RRSPS/RRIFs, but sometimes pension plans are overlooked. If the client has a spouse (married or common law), the spouse will automatically receive the client’s pension survivor benefits pursuant to Ontario law. However, members of a plan generally have the ability to designate a non-spouse beneficiary to receive benefits in the event that they die with no spouse surviving. In Ontario, the ability to designate a beneficiary by Will to receive benefits from a pension plan on a member’s death is found in sections 50 and 51 of the Succession Law Reform Act…..

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Estate Administration, Estate Planning, Spouse, Tax Issues, Wills

MEANING OF SPOUSE

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For those of our readers who are a “spouse”, have you ever considered whether you remain a spouse after the death of your spouse. This was the issue the Tax Court of Canada had to consider in the case of Kuchta v. The Queen, 2015 TCC 289. In particular, the Court considered the meaning of the word “spouse” in the context of the provisions under ss.160(1) of the Income Tax Act, R.S.C., 1985, c. 1 (5th Supp.) (the “Act”). ….

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Spouse
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