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Estate Planning for the Digital Collector: Don’t let your NFTs disappear into Ether

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This blog was written by Raluca Gondor   Digital artwork and non-fungible tokens (NFTs) are gaining significant traction as part of a new era of collectibles, with a growing number of creators putting out exclusive digital content. The ten-year anniversary version of the Nyan Cat meme, Nike’s Cryptokicks, and a Tweet about Fyre Festival’s infamous cheese sandwich are just a few NFTs that have hit the market in recent months…..

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A review of the use of a Principal Residence Exemption by a Trust

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With Toronto’s real estate market being too hot to handle, clients more frequently are calling to review their estate plans in relation to their real estate holdings. Inevitably, such discussion occurs within the context of their overall planning, which may include the use of family trusts (i.e. inter vivos trusts for the benefit of family members). Nominee planning and other strategies and issues aside, a topic raised when considering the….

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When Private Foundations Die

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[caption id="attachment_15461" align="aligncenter" width="750"] “Vanitas Still Life” by Pieter Claesz, 1630.[/caption] Private foundations are believed to be durable entities.  Perpetuity is assumed.  Canada Revenue Agency (CRA) data shows, however, that 2,319 private foundations closed during the period 2000 to 2021. Growth in Private Foundations There are currently 6,213 private foundations registered in Canada.  The private foundation is the fastest growing category of registered charities.  To provide perspective, from 2013 to….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Thank You Carers

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May is National Caregivers Month. Now more than ever, the challenge of being a caregiver feels more of a ‘challenge’ than any other word that I can think of. It can be joyful, rewarding, an honor, an opportunity and an obligation. Caregivers come in all shapes and sizes and age.  There are young carers  who are children themselves and they are the ones looking after a sibling or a parent…..

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Elder Care, Uncategorized

LES FIDUCIES ALTER EGO COMME OUTILS DE PLANIFICATION

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Negar Pishva, Conseillere en Successions & fiducies, Gestion de patrimoine Scotia  Nous parlons tous à nos clients de l’importance de la planification successorale et de la planification dans l’éventualité d’une incapacité à gérer leurs avoirs. Nous parlons de long en large du maintien de niveau de vie du conjoint survivant, de la distribution aux enfants, des mécanismes à notre disposition pour protéger les héritiers ainsi que le capital. Nous faisons….

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What is a Reasonable Error

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Further to my last post, the Canada Revenue Agency (“CRA”) does have the discretion to waive tax penalties on excess (or deemed to be excess) contributions to Tax Free Savings Accounts (“TFSA’s) and Registered Retirement Savings Plans (“RRSP”) if an excess contribution  to a TFSA or RRSP resulted from a reasonable error under the applicable sections of the Income Tax Act (“ITA”). With regard to TFSA’s, it would be for….

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