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Foundation Disbursement Quota Increase

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  The 2021 Federal Budget announced the Government’s intentions to launch a consultation with charities about “potentially increasing the disbursement quota…beginning in 2022.”   Any increase of the disbursement quota (DQ) rate above the current 3.5% annual requirement will have significant implications for the charitable sector, foundations and donors.  Below is a longer than usual analysis of what it means and what to expect. Budget Announcement The Budget announcement is curiously….

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Philanthropy/Charitable Giving, Uncategorized

Reflections before the Budget

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On April 19th, the federal government will table its first budget in two years. This budget comes in the middle of Canada’s third wave of COVID-19 and is set to address the pandemic’s resulting economic challenges. Practitioners can likely expect, if they are not receiving them already, calls from clients eager to update their estate plans in anticipation of the budget. I am not going to add my voice to….

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Inheritance and Tax

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There is renewed discussion on whether Canada will become another jurisdiction where specific gift or estate taxes will be imposed on inheritances. There is speculation that the discussion will lead to something concrete as early as next week’s Federal Budget. In the meantime, there are situations where inheritances can come with a tax burden, such as the one described in a recent Tax Court of Canada case (Goldman v. the….

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Attorney Compensation, Canada Revenue Agency, Compensation, Costs, Courts, Estate Administration, Estate Administration and Probate Applications, Estate Litigation, Executors, Investments, Liability, Tax Issues, Trustee, Trustee Compensation, Trusts, Uncategorized

Tax returns for deceased persons

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The Canada Revenue Agency (CRA) will occasionally post requests to help improve the Agency’s processing efficiency. Recent posts caught my attention given their application to returns for deceased individuals. Date of Death The CRA noticed that tax preparers occasionally include a deceased person’s date of death on the living spouse’s tax return. This may result in the CRA mistakenly recording the living spouse as deceased. This error can cause major….

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Canada Revenue Agency, Executors, Tax Issues, Uncategorized

March is Fraud Prevention Month

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This Blog was written by Kimberley Ling, Scotia Wealth Management This past weekend I watched the movie ‘I Care a Lot’- very timely and relevant as March is Fraud Prevention month. In this fictional movie, the main character runs a disturbing guardianship business that preys on wealthy seniors, taking control of their assets and locking them in nursing homes with no contact to the outside world. The movie gives a….

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