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DEATH BENEFITS: CAN THEY BE APPLIED TO THE INCORPORATED OWNER-OPERATOR?

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A 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….

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Canada Revenue Agency, Estate Administration, Estate Planning, Probate Tax, Small Business, Tax Issues, Uncategorized

Government Addresses an Unintended Consequence of the All Families Are Equal Act

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As I noted in my last blog, the All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendment), 2016, S.O. 2016, c. 23 (the “Act”), introduced new rules for determining parentage in Ontario, primarily through substantial amendments to the Children’s Law Reform Act (“CLRA”) and the Vital Statistics Act. The Act also includes consequential amendments to several statutes, including the Succession Law Reform Act (“SLRA”) and the Family….

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Promises, Promises…or is that Expectations, Expectations?

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This Blog was written by: Gosha Sekhon, LLB A not uncommon occurrence these days finds single adult children residing with an elderly, surviving parent. The parent, more often than not, requires some assistance with their health care, household tasks and the management of their financial affairs. Usually the co-habiting child is single, divorced, widowed and also finds himself or herself in a position where they are the only sibling willing….

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Contracts, Estate Litigation, Family Conflict, Joint Tenancy, Powers Of Attorney and Guardianship Disputes, Uncategorized

OFFSHORE ESTATE PLANNING AND MONEY TRANSFERS: A WORD OF CAUTION

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Just I am completing my personal income tax return and assisting many others with theirs, I continue to cling to the belief that most Canadians pay their fair shares of taxes. However, it appears many do not by “hiding” their money in offshore tax havens, sometimes under the guise of estate planning. There has been a lot of publicity in the past couple of years on how wealthy individuals around….

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Canada Revenue Agency, Canadian and US Tax Treaty, Estate Administration, Estate Planning, In the News, Investments, Tax Issues, Uncategorized

Court of Appeal on Executor Removal in Cases of Conflicts of Interest

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A recent case from the Ontario Court of Appeal (published in French) dealt with the principles to consider in evaluating an application to remove an executor due to a conflict of interest. The deceased in Talbot c. Bergeron, 2016 ONCA 956, had two children, a son and a daughter. The deceased owned several greenhouses, a store and 150 acres of land. Both the son and daughter were involved in the….

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Advance Directives and Medical Assistance in Dying

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An advance directive is a document setting out an individual’s wishes for future medical treatment, most often for treatment in the event of incapacity or unconsciousness.  For example, individuals can outline their wishes with respect to withdrawing, withholding, or providing lifesaving treatment (such as feeding tubes or “Do Not Resuscitate” orders).  One limit to what an individual can ask for in an advance directive is medical assistance in dying (MAID)…..

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