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Low- Interest Environment: Time To Take Advantage Again.

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In past blogs, we discussed income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such as marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Interest, Investments, Loans, Property, Real Estate, Small Business, Spouse, Tax Issues, Trusts, Uncategorized

A Virtual Q&A Session on Holographic Wills

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Today’s blog was written by guest blogger, Anna Chen, Associate at Fasken LLP. The current pandemic has created a number of difficulties in having Wills drafted, signed and witnessed in the usual course.  As a result, we may see an increase in the number of handwritten Wills, which are commonly known as “holographic” Wills.  This Blog Post will address some of the frequent questions that arise with respect of holographic….

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Random Thoughts in Isolation

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I hope everyone is managing well and staying safe. Here are some random thoughts in isolation: 1. Some provinces are now allowing the virtual witnessing of wills. In related news, Estate lawyers are now the new tech support 2. Until now, I bet you didn’t realize how many corporate mailing lists you subscribe to 3. Are estate planning lawyers less busy now? One thing’s for sure, with so many people….

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Home Buyer’s Plan and Disabled Family Member

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In a recent blog, I wrote about the availability of Home Buyer’s Plan (HBP) to an individual after the death of her spouse who purchased the matrimonial home. In a recent Technical Interpretation (2019-0819671E5, D. Odubella), the Canada Revenue Agency (CRA) was asked by a taxpayer to review the availability of the HBP to purchase a home that is located in a district where their disabled daughter could attend a….

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Canada Revenue Agency, Dependant Support, Disability, In the News, Real Estate, Spouse, Tax Issues, Uncategorized

Managing a Beneficiary’s Share in Real Property with … Shares! Potential Utilities of Nominee Corporations in Estate Planning

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Today’s blog was written by guest blogger, Giancarlo Mignardi, Articling Student at Fasken LLP. For many individuals, their asset of highest monetary value is their real property. For estate planners, this means that often it is important to work with clients to find ways to minimize taxes payable on death in relation to such property. In addition, it may be important to identify ways to have a testator’s real property….

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Intention Governs the Disposition of RRSP converted to RRIFs

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In the recent application of Boulos v. Duca, 2020 ONSC 1946, the Court considered the issue of what becomes of a beneficiary designation of an RRSP when the account is converted to a RRIF, and no subsequent beneficiary designation is made. Facts: In the 1980s, Yura Nicola Khagek met a married couple, Edward and Nazha Boulos, through their church. Mr. Khagek became close friends with the Bouloses, and often visited….

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