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INSURANCE TRACKING SHARES

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If a taxpayer owns shares of a corporation and passes away, he or she is deemed to have disposed of their shareholding at fair market value (“FMV”) unless a tax-free rollover is applied (e.g., rollover to a surviving spouse). The disposition of shares may cause a tax liability. In the circumstance where this shareholding was in the form of a significant shareholding in a privately held corporation, there may be….

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

Joint Accounts Held as Tenants in Common: A Tool to Avoid Litigation

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This blog was written by Holly LeValliant Perhaps one of the most litigious issues in the area of estate law is the question of whether a joint account passes on survivorship when one of the owners dies, or whether the survivor holds the balance of the account in trust for the deceased’s estate. Joint ownership of bank accounts between parents and children is common and can be a convenient tool….

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The Family Cottage: Fostering Friendship or Fuelling Foes?

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Whether it be a lakeside summer home, a small log cabin in the woods, a ski chalet, or a country retreat, a family cottage can be the source of wonderful memories and an important part of family life. However, it can also become a source of stress and disagreement if not dealt with properly in the estate-planning process. Planning for the family cottage can be challenging, in part because clients….

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An RESP may be a simple solution for funding a grandchild’s education, but beware of its limitations

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This Blog was written by Joanna Mazin, Estate and Trust Planning Lead at MD Financial Management Inc. which is part of Scotia Wealth Management Many clients I work with are interested in finding a tax-efficient way to financially support their minor grandchildren’s savings for post-secondary education. I often suggest that they consider opening or contributing to a Registered Education Savings Plan (RESP). Presenting each of these options comes with instructions on how an RESP….

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Estate Trustees and Irreconcilable Conflicts

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In the recent decision of Lagrandeur Estate (Re), the Court considered when an estate trustee can be ‘passed over’ due to a conflict of interest. Facts Keisha Lagrandeur (“Keisha”) died on December 6, 2019, aged 41. Keisha had two boys aged 19 and 17 with her married spouse Gaetan Lagrandeur (“Gaetan”). At the time of Keisha’s death, she and Gaetan had been separated for five years, but their divorce had….

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AMENDING TAX ELECTIONS AFTER THE FACT

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The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible capital property and inventory, other than inventory that is real property. Where the taxpayer and the corporation agree upon an….

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