Total 675 Posts
The CRA was recently asked to consider whether subsection 118.1(5.1) of the Income Tax Act would apply to a gift made to a qualified donee of a capital interest in a testamentary charitable residual trust. Subsection 118.1(5.1), if applicable to charitable gift, allows the tax credit in respect of the gift to be claimed by the testator in either or his or her last two taxation years or by testator’s….
RBC recently released their Wealth Transfer Report 2017. Some of results confirm what we have read for years about the percentage of people who have proper Wealth Transfer Plans in place. What caught my eye, were the survey results about the inheritor experience and educating the next generation. By way of context, this survey was comprised of 3,105 respondents from across Canada, U.S.A. and the U.K. with average investible assets….
Knowledge: The Inheritors’ Perspective Continue Reading »
Estate Planning, In the News, UncategorizedThis Blog was written by: Natalie Rouse Most of us are familiar with the 1998 decision of Granovsky Estate v Ontario. The case has been the leading authority to permit planning with multiple Wills in Ontario. The use of multiple Wills is now an integral part of the estate planning process for business owners and professionals. It is a frequently used and effective strategy in order to save (and in….
Multiple Wills – the West Coast version Continue Reading »
Estate Administration and Probate Applications, Estate Planning, Executors, In the News, Probate Tax, Uncategorized, Wills
Last week was Canada’s National Hospice Palliative Care Week. So what is palliative care? Since its inception in Canada in the 1970’s, things have changed quite a bit. Only a few years ago, the term palliative care and the public’s general understanding, was that it meant the end was imminent and all proactive treatment was to be stopped. Patients would hear the term ‘palliative care’ and it would mean less….
Going Gently Into The Good Night Continue Reading »
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This Blog was written by: Robert Boyd We have all read articles detailing how people have stash millions of dollars under their mattress or, executors discover vast quantities of gold discovered at the home of a recently deceased individual. From an estate planning perspective, this may come as a huge windfall to the beneficiaries of the estate, but one has to wonder, what are the practicalities of dealing with the….
Hidden treasure leads to hidden problems Continue Reading »
Estate Administration, UncategorizedA death benefit is an amount received after a person’s death for their employment service. In general, any amount up to $10,000 received is not subject to tax, pursuant to regulations contained in the Income Act (“ITA”). What if the deceased was the sole shareholder of a corporation and received a death benefit? Recently, the Canada Revenue Agency (“CRA”) was asked to consider two scenarios: 1. The sole individual shareholder….
DEATH BENEFITS: CAN THEY BE APPLIED TO THE INCORPORATED OWNER-OPERATOR? Continue Reading »
Canada Revenue Agency, Estate Administration, Estate Planning, Probate Tax, Small Business, Tax Issues, Uncategorized