Total 686 Posts
In McGrath v. Joy, 2020 ONSC 7454, the Court considered whether the contents of a suicide note could be admitted to probate as a holograph Will, and in particular, whether the deceased had the requisite testamentary capacity to make a Will prior to taking his own life. Facts Sadly, Joseph Philip Joy (“Jody”) committed suicide sometime in the early morning of July 13, 2019, at the age of 49. He….
Can a Suicide Note Be a Will? Continue Reading »
Uncategorized[caption id="attachment_6826" align="aligncenter" width="650"] Iris bleus, jardin du Petit Gennevilliers, 1892, Gustave Caillebotte, Art Gallery of Ontario[/caption] The charitable tax incentives for donations of certified Cultural Property – art and artifacts – is the richest in Canada. Cultural Property donations are exempt from capital gains tax and can be claimed against 100% of the donor’s net annual income over up to six years. The incentive is part of a complex….
Cultural Property Donations Update Continue Reading »
Estate Donations, Philanthropy/Charitable Giving, UncategorizedCapital gain splitting on the sale of business interests, owned by family trusts with several beneficiaries, continues to be a valuable tool for tax planning purposes, including the opportunity under certain circumstances to access the super capital gains exemption more than once in such a transaction. However, the beneficiaries of a trust who are designated an allocation of proceeds from a share sale and stand to benefit from applying the….
FAMILY TRUSTS AND DISTRIBUTIONS OF CAPITAL GAINS Continue Reading »
Canada Revenue Agency, Small Business, Succession Planning, Tax Issues, Trusts, UncategorizedCOVID-19 has hit the charitable sector hard, and arts organizations face particular challenges. A recent article in The Globe and Mail about the Banff Centre described closed facilities, lost fundraising, cancelled programs, layoffs, deficits, resignations, and protests. The article also mentioned a request to endowment donors for “permission” to use annual payout of “their” funds for operations, not the designated purpose. One donor, Myra Davis, refused. The money was for….
Endowment Variations Continue Reading »
Philanthropy/Charitable Giving, Powers Of Attorney and Guardianship Disputes, UncategorizedThis Blog was written by Joanna Mazin, Estate and Trust Planning Lead at MD Financial Management Inc. which is part of Scotia Wealth Management In an age when it is becoming increasingly difficult to income-split, here is a planning strategy that could be available to high-income earners who are looking to provide tax-efficient financial support to a low-income child for private school tuition, post-secondary school fees, lessons, camps, or other expenses benefiting the….
Age 40 Trusts – Income-Splitting is Alive and Well! Continue Reading »
UncategorizedThis Blog was written by: Anne McFarlane, Estate and Trust Consultant, Scotia Wealth Management I have always loved celebrating the New Year. On top of the fancy attire, sparkly decorations, and fizzy drinks, it’s a time of reflection and reinvention. To think back to what went well in the year prior and decide how our next rotation around the Sun will look. Given how 2020 treated us (don’t worry –….
New Year’s Resolutions: “creating yourself” and your estate plan in 2021 Continue Reading »
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