Succession Planning

Total 154 Posts

Capacity to Consent to MAiD: A Suggestion For Amendment

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I have found it uncommon for a family member or beneficiary to exert undue influence to pressure a patient to pursue MAiD. What worries me is the vulnerability of patients to undue influence from physicians who may embrace therapeutic nihilism and bias patients unduly towards MAiD. I suggest that, for capacity to consent to MAiD, the test of “ability to appreciate” should be expanded to require an appreciation of the views and wishes of supportive family members and friends…..

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Capacity Law, Disability, Elder Care, Elder Law, Estate Planning, Family Conflict, Healthcare, In the News, Medical Assistance in Dying, Power of Attorney, Spouse, Succession Planning, Testamentary Capacity, Undue influence

Designating a successor for the TFSA

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Designating the surviving spouse or common-law partner as the successor holder of the Tax Free Savings Account “TFSA” simplifies the administration of transferring the account upon the death of the decedent.  A successor holder may only be a spouse or common-law partner. All provinces and territories in Canada, except Quebec, recognize the designation of a successor holder of a TFSA in the contract itself although the designation can also be….

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Succession Planning

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

CRA issues favourable ruling on post-mortem pipelines

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The Canada Revenue Agency (CRA) has been asked on numerous occasions to weigh in on whether specific post-mortem planning implemented by taxpayers to avoid double taxation would result in a deemed dividend. In a recent ruling, the CRA concluded that it would not apply either specific tax rules or the General Anti Avoidance Rule (GAAR) to the proposed transactions. When an individual dies holding shares of a private corporation with….

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Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Wills

Pipeline planning and the dangers of subsection 84(2)

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In 1789, Benjamin Franklin, one of the founding fathers of the United States Constitution, provided the world with this great quote, “nothing is certain except death and taxes”. In 2021, John Oakey, the founding father of three Oakey children, is providing the world (or at least anyone reading this blog) with this great quote “nothing is certain with death and taxes”. Minimizing tax exposure The certainty of taxes upon death….

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Business Succession Planning, Estate Planning, Succession Planning, Tax Issues
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