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Canada Pension Plan Survivor Benefits

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It’s no surprise that when one spouse dies there may be a sharp decline in household income suggesting some time is spent planning for the change.  A recent article (http://www.advisor.ca/tax/tax-news/shedding-light-on-the-cpp-survivor-benefit-241094?email=yes) shed light on the CPP survivor benefit that is both interesting and worthy of note. A survivor for purposes of the CPP death benefit includes a common law spouse.  A common law spouse’s claim takes precedence over the claim of….

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Estate Planning, Executors, Trustee, Uncategorized

Rest in Peace (or at least in bits and bytes)

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This Blog was written by: Carol Willes Recently I co-presented to fellow estate professionals about practical challenges that might ambush an executor or attorney for property when encountering digital and other unique assets in an estate. We uncovered some fascinating and disturbing issues that can present themselves for the unfortunate personal representatives who have to roll up their sleeves and manage these things. In today’s blog I will highlight some….

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Estate Administration, Uncategorized, Wills

Estate Planning – A Lesson in Communication

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So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

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Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

New Amendments to the Principal Residence Rules Relating to Trusts

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On October 3, 2016 the Minister of Finance announced a series of tax measures relating to the principal residence exemption. The October 3 measures had not been implemented when the government introduced its budget on March 22, 2017. As part of that budget, the government confirmed its intention to move forward with the October 3 measures. The budget implementation bill was released on October 25, 2017, and includes some substantive….

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Gifting Personalty

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This Blog was written by: Sally Lee, J.D. In an old New York Times article, I read about Jackie Kennedy Onnasis’ personal effects being initially valued at $6 million and later sold at auction for $34.5 million. The IRS, no doubt, went after its share. When I meet clients for estate planning, I often ask if they own something of significant worth that could be featured on “Antiques Roadshow”. Usually,….

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Estate Planning, Property, Uncategorized

Robert and Signe McMichael’s Complicated Legacy

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[caption id="attachment_5842" align="aligncenter" width="477"] Robert and Signe McMichael signing Gift Agreement with Ontario Premier John Robarts .18 November 1965. Credit CBC[/caption] Robert and Signe McMichael, the namesake of the McMichael Canadian Art Collection, were savvy art collectors who made some painful philanthropic and estate planning mistakes.  Visionary Collectors     Starting in 1955, when they were in their early 30s, they started buying landscape paintings by the Group of Seven….

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Estate Administration, Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized
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