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Donation Shelters: A Tale of Financial Misadventure

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Due to my conservative nature and my belief that something that looks too good to be true often is, I have been always nervous about people participating in what appear to be very aggressive charitable donation shelters and people who promote them, particularly shelters which appear to catch the attention of the Canada Revenue Agency (“CRA”) from inception. Recently, I read about a case about a taxpayer who participated in….

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Canada Revenue Agency, Estate Planning, In the News, Philanthropy/Charitable Giving, Tax Issues, Uncategorized

The Advisor as Executor: Risks and Rewards

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Introduction [1] It is not uncommon for a client to ask a professional advisor to act as his or her executor. For the advisor, this request may be an honour, as it speaks to the level of trust the client has in the advisor’s professional knowledge and judgment. The appointment may also be lucrative for an advisor: clients may agree that the advisor should be compensated from their estate by….

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Esther the Pig and Animal Sanctuaries

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[caption id="attachment_6858" align="aligncenter" width="640"] Photograph by Rob MacInnis in a page shot from The Walrus, September 2018[/caption] I am fortunate to work with many animal lovers on their philanthropic estate plans. They are interested in a wide range of  animals and issues. A recent article in The Walrus magazine about the animal sanctuary, registered charity and social media phenomenon Happily Ever Esther Farm Sanctuary highlights a number of key estate planning….

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Estate Planning, Philanthropy/Charitable Giving, Uncategorized

Summary Judgment and Limitation Periods in the Context of Estate Litigation

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Today’s blog was co-written by Ronald Neal. In Sinclair v Harris, Justice Nakatsuru granted summary judgment on the basis that the claims advanced on behalf of the estate were statute-barred. The deceased passed away in November 2015.  The Plaintiffs are the estate trustees appointed in the deceased’s will (the “Estate Trustees”).  Five years before her death, the deceased advanced approximately $137,333 to her friends (the “Defendants”) so that the Defendants could purchase a….

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Estate Administration, Estate Litigation, Joint Tenancy, Loans, Resulting Trust, Uncategorized

Today is National Senior’s Day.

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What does this mean exactly? Does it mean a greater discount at Shopper’s or at Timmy’s. I don’t think so…… It is actually a reminder to all of us to acknowledge the great contribution made by seniors every day. As boomers reach this milestone, a senior is officially defined as someone over the age of 65, but this definition in practice may vary between the ages of 55- 60 and….

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Elder Care, Uncategorized

Closing the Gap: Using Annuities to Resolve the Wait for an Estate’s Residual Beneficiaries

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Today’s guest blog is from Lea Koiv, BComm, CPA, CMA, CA, CFP, TEP at Lea Koiv and Associates and Alexandra Macqueen, CFP at Pension Acuity. Lea and Alexandra are strategic partners providing advice in areas including longevity planning and the use of annuities in client estate plans, and pension decisions including commutations, transfers, and wind-downs. Many wills provide for a spousal trust with the spouse as the income beneficiary. This….

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