Spouse

Total 80 Posts

Pension Beneficiary Designations – Don’t Forget the Tax!

•

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…..

Pension Beneficiary Designations – Don’t Forget the Tax! Continue Reading »

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

MEANING OF SPOUSE

•

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”). ….

MEANING OF SPOUSE Continue Reading »

Spouse

Support, Divorce, and Insolvency

•

Even when a dependant’s entitlement to and need for support is clear, there simply may not be enough money in the estate to provide assistance. For this reason, the Succession Law Reform Act (“SLRA”) allows certain assets passing outside of the estate (often to a designated beneficiary) to be clawed back into the estate for the limited purpose of providing a dependant with support. The designated beneficiary may be tempted….

Support, Divorce, and Insolvency Continue Reading »

Dependant Support, Estate Administration, Estate Litigation, Spouse

Which Comes First: Preferential Share or Mortgages?

•

The Succession Law Reform Act (“SLRA”) provides that if a married person dies intestate, the first $200,000 (called the “preferential share”) of the deceased’s net estate goes to the married spouse[i]. Any funds remaining after the payment of the preferential share is shared among the spouse and children. In Re Estate of Richard Lewis Crane (“Crane”), the deceased died intestate. He left a second wife and two sons from a previous marriage.  The….

Which Comes First: Preferential Share or Mortgages? Continue Reading »

Estate Administration, Estate Administration and Probate Applications, Real Estate, Spouse, Succession Planning

Spousal trust and life insurance

•

The Canada Revenue Agency was recently asked if income or capital from a proposed spousal trust that was to be used to pay life insurance premiums on a spouse’s life would disqualify the trust from ever being a spousal trust eligible for rollover of property upon creation of the trust.
….

Spousal trust and life insurance Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Planning, Executors, Insurance, Spouse, Trustee
Scroll to Top