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AGREEMENT RECTIFICATION APPLIED FOR AND ALLOWED!

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Due in particular to the outcome of some recent court cases, many have feared that formal applications to rectify plans would receive a favorable hearing only in the event of obvious clerical errors in the documentation. However a recent court case in the Supreme Court of British Columbia demonstrated that rectification is possible in circumstances where a definite agreement has gone awry in its implementation. In Crean v. Canada, 2019….

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

Surprise, You’re my Executor!

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This blog was written by Veronique Thomas-Ewen, Associate Estate and Trust Consultant with Scotia Wealth Management When a loved one passes away, it’s challenging for family and friends to process emotionally, let alone face the task of being an executor. But when the deceased has chosen a stranger to be their executor, then what? Careful attention and planning was given to every detail by the Testator as he wrote the….

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Draft Legislation Released for Changes to Registered Disability Savings Plans

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In the 2019 federal budget, the government announced changes to the rules in the Income Tax Act (“ITA”) that govern registered disability savings plans, or RDSP’s (also referred to in this blog as a “plan”). On July 30, 2019, the Minister of Finance released the draft legislation and explanatory notes for those changes. Under the existing rules, the beneficiary of an RDSP must qualify for the disability tax credit (“DTC”)….

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Uncovering the Reasons Behind Planning Choices

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This blog was written by Justin Ecclestone, Associate Estate and Trust Consultant with Scotia Wealth Management In this blog post I wanted to share an experience I had with a client. In my role, I meet with people from all walks of life. I’ve met with business owners, retired professionals, working professionals, widows and widowers as well as those who have received the majority of their wealth through inheritance. It….

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Trusts and Trust Resettlements – Variations and Circumstances

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Variation(s) of a trust agreement, after it is settled, does carry the risk of causing a resettlement of a trust or a disposition of a beneficiary’s interest in the trust, with serious tax consequences. But not all variations lead to resettlement, fortunately. Recently in an advance ruling, the Canada revenue Agency (“CRA”) was asked to consider whether a trustee seeking to amend a trust agreement for the appointment of the….

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Canada Revenue Agency, Disability, Estate Administration, Executors, Guardianship, Spouse, Tax Issues, Testamentary Capacity, Trustee, Trusts, Uncategorized

Providing for Beneficiaries living with Addictions and Substance Abuse

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This Blog was written by: Alicia Godin, Estate and Trust Consultant, Scotiatrust  I recently had the opportunity to participate in the estate planning process for two sets of clients facing similar challenges. Both clients are in their mid to late 60’s, and they each have two children. It was their intention to leave their respective estates to each of their children, in a fair and equal manner. Previous blog posts….

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