Spouse

Total 80 Posts

Trusts and Trust Resettlements – Variations and Circumstances

• • 0 Comments

Variation(s) of a trust agreement, after it is settled, does carry the risk of causing a resettlement of a trust or a disposition of a beneficiary’s interest in the trust, with serious tax consequences. But not all variations lead to resettlement, fortunately. Recently in an advance ruling, the Canada revenue Agency (“CRA”) was asked to consider whether a trustee seeking to amend a trust agreement for the appointment of the….

Trusts and Trust Resettlements – Variations and Circumstances Continue Reading »

Canada Revenue Agency, Disability, Estate Administration, Executors, Guardianship, Spouse, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Embryo Freezing Costs: Medical Expense Tax Credit Extended to Same Sex Couples.

• • 0 Comments

The Income Tax Act (“ITA”) generally permits as an eligible medical expense of an individual, an amount paid to a medical practitioner, dentist, or nurse or a public or licensed private hospital for medical or dental services provided to a patient. Medical services are diagnostic, therapeutic or rehabilitative services that are performed by a medical practitioner acting within the scope of his or her professional training. Generally, a payment to….

Embryo Freezing Costs: Medical Expense Tax Credit Extended to Same Sex Couples. Continue Reading »

Canada Revenue Agency, Estate Planning, Healthcare, In the News, Spouse, Tax Issues, Uncategorized

The CPP Child Rearing Dropout and its Impact on Survivor Benefits

• • 1 Comment

Today’s blog was written by Monique J. Charlebois, a bilingual lawyer with more than 20 years of experience practicing Ontario estates law.  If you have clients who have lost a relatively young spouse/parent who was the primary caregiver to young children for many years, letting them know about the Child Rearing Dropout provisions could have a significant impact on their financial situation. In general, CPP survivor benefits are paid monthly….

The CPP Child Rearing Dropout and its Impact on Survivor Benefits Continue Reading »

Canada Revenue Agency, Caregiving, Estate Administration, Estate Planning, Spouse, Succession Planning

SPOUSAL TRUSTS : COUPLE OF UPDATES

• • 0 Comments

Life insurance policy – rollover at cost? In a recent technical interpretation, the Canada Revenue Agency (“CRA”) confirmed that where a spousal trust is required to pay the life insurance premiums on a policy it owns and is the beneficiary of the policy, a rollover at cost pursuant to the relevant section of the Income tax Act (“ITA”) is not available on the original transfer of assets to the trust…..

SPOUSAL TRUSTS : COUPLE OF UPDATES Continue Reading »

Canada Revenue Agency, Estate Administration, Insurance, Interest, Investments, Spouse, Tax Issues, Trustee, Trusts, Uncategorized

Estate Applied to Have Filings Made by Taxpayer Lacking Mental Capacity Set Aside

• • 0 Comments

In Ntakos Estate v. The Queen, 2018 TCC 224, a family business was owned by the deceased taxpayer, Anna (after her husband passed away in 1995) with two brothers-in-law through a holding corporation. Anna’s mental and physical health declined from 1995 until her death in 2004. She was diagnosed in 2002 with cancer, and apparently lacked mental capacity after that date. In 2003, the accountant for the family business got….

Estate Applied to Have Filings Made by Taxpayer Lacking Mental Capacity Set Aside Continue Reading »

Canada Revenue Agency, Capacity Law, Estate Administration, Family Conflict, Investments, Property, Small Business, Spouse, Tax Issues, Testamentary Capacity, Uncategorized

Unexpected Death? Apply for an Extension

• • 0 Comments

Death is difficult to control. It has also proved impossible to avoid. However, married spouses are given greater options than the rest of us – they can choose to inherit their deceased partner’s estate under the Succession Law Reform Act or the Family Law Act. When a married spouse dies without a will, the default is that his or her estate will be distributed pursuant to the rules set out….

Unexpected Death? Apply for an Extension Continue Reading »

Estate Administration, Estate Litigation, Executors, Property, Spouse
Scroll to Top