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Death of taxpayer – timing of the final return

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Some timing relief is granted to the deceased’s personal representative when a death occurs before the deceased has filed a tax return to report income received in the year. Generally speaking, the final return is due on or before the following dates: If the death occurred between January 1 and October 31 inclusive, the due date for the final return is April 30 of the following year. If the death….

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Canada Revenue Agency, Executors, Tax Issues, Uncategorized

Tontine – an ‘old’ annuity idea re-visited

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As people live longer their cash requirements can increase exponentially. My Blog colleague, Audrey Miller, recently told me that, in Ontario, publically funded Nursing home expenses for a private room start at $30,000 per year and private retirement residences are much more expensive. There are other potential cash requirements such as the expense of personal care assistants. In addition to being faced with increasing costs of living, the problem is compounded by the fact that a….

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In the News, Insurance, Investments, Uncategorized

QUALIFIED DISABILITY TRUST (“QDT”): HOW TO FILE A JOINT ELECTION?

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Recently, the Canada Revenue Agency (“CRA”) issued a “how to file” the joint election for a trust to be a QDT: http://www.cra-arc.gc.ca/E/pbg/tf/t3qdt/README.html From 2016 forward, this form is to be used if one or more beneficiaries are jointly electing that the trust be designated to be QDT for the year. The form should be filed with the trust return (T3) for the year. The filing of a joint election designates….

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Capacity Law, Disability, Estate Administration, Guardianship, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

An Innovative Dementia-Friendly Community

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I recently attended a symposium presented by the Canadian Research Network for Care in the Community.  The topic was “Living Well With Dementia: Toward Dementia-Friendly Policy”.      Two European presenters including  Henk Nies, from Amsterdam and Eckart Schnabel from Berlin discussed their care standards for Persons Living With Dementia (PLWD). Dr. Schnabel highlighted the German care program that provides a care allowance determined by the individual’s level of need. Prof. Dr…..

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You can’t wear two pairs of shoes at a time

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This Blog was written by: Robert Boyd To anyone who may have a pang of guilt when approaching the counter at an airport duty free with a bottle under each arm, there was no need, you were indirectly contributing to global education and medical research. Chuck Feeney grew up in very modest circumstances in New Jersey in the 1930’s and went on to pioneer the concept of duty free. As….

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Charitable Giving, Philanthropy/Charitable Giving, Uncategorized

Summary Judgment Motions and Fraudulent Concealment

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Justice Newbould wrote an interesting and comprehensive decision regarding the two year limitation period under section 38 of the Ontario Trustee Act.  It seems that the two-year limitation period may not be as infallible as estate litigators think. Nancy Wagg had three children – Anita, Yvonne and John.  Nancy was a woman of modest means and limited education.  However, lady luck smiled on her and she won the lottery.  Unfortunately,….

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