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The New TOSI Rules from 30,000 Feet

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As I noted in my last blog, the Minister of Finance released revised draft legislation and explanatory notes for proposed changes to the tax on split income (“TOSI”) on December 13, 2017. The new rules are an improvement on the original July 18, 2017 release, in that they have been simplified in some respects. Nevertheless, they remain complex and questions remain about their application. The devil, as they say, is….

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Trust Allocations and Gifts to Family Members

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A common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the business, thereby utilizing their life time capital gains exemption and potentially saving several hundred thousand dollars in taxes payable on….

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

Introducing Ziggy- A Caring Companion

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I am sharing my good fortune in that I am proud to be a ‘puppy raiser’ for the Canadian National Institute for the Blind (CNIB).I am doing so in this blog because it relates directly to aging well and philanthropic opportunities. By way of background, CNIB is a national charitable institution that is celebrating its 100th birthday this year. They work with people of all ages in their own homes….

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Philanthropy/Charitable Giving, Uncategorized

Journalism and Charities

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The interconnectedness of registered charities and journalism is growing.  In this era of digital content explosion and “fake news”, traditional media outlets — especially newspapers — are seeking new ways to serve their communities and survive.  Increasingly, public benefit non-profit journalism is becoming a charitable activity.  There are estate donors who are interested in supporting this space. In the U.S. non-profit, investigative journalism is well established.  In-depth articles funded by….

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Philanthropy/Charitable Giving, Uncategorized

The Application for the Disability Tax Credit to be Reviewed: Hallelujah!

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As most of you know, the Disability Tax Credit is a credit to income tax otherwise payable, available for those with a severe or prolonged impairment. It is meant to provide some relief from the additional costs and expenses incurred associated with the impairment. It is also referred to by many as a gatekeeper credit because it is a cornerstone to such programs such as registered disability plans, the working….

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Canada Revenue Agency, Dependant Support, Disability, Elder Care, Geriatric Care Management, In the News, Tax Issues, Uncategorized

What’s more American than a Norman Rockwell painting – perhaps a Court hearing?

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In my Blog last week I talked about how much I like some of the American traditions like Thanksgiving. What could be more American than a beloved Norman Rockwell painting. Earlier this month the Massachusetts Court of Appeal blocked the auction of 2 Norman Rockwell paintings, which had a combined value of over $25mil. The plaintiffs included Rockwell’s sons as well as the office of the Massachusett’s attorney general. The….

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In the News, Philanthropy/Charitable Giving, Uncategorized, Wills
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