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Inheritances and Taxes – Be Careful Where you Step?

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Frequently, I am reminded how careful one has to be with making sure that tax-free inheritances generally maintain their status throughout all steps to liquidate and realize the proceeds. Here is a case in point. In Owen v The Queen (2018 TCC 90), the taxpayer’s father resided in the United States of America and had a US individual retirement account (“IRA”). The taxpayer’s father passed away. The taxpayer and his….

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Canada Revenue Agency, Estate Administration, Estate Planning, Investments, IRS, Property, Tax Issues, Uncategorized, United States, US Taxes

Politicians and executors: two sides of the same coin

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This Blog was written by Liz Bozek, The recent claim filed by Renata Ford challenging the executors of the estate of her late husband, Rob Ford, and the subsequent election of her former brother-in-law (and the subject of that claim), Doug Ford, got me thinking about some of the similarities between being a politician and acting as an estate trustee. Credentials – interestingly, there are no mandatory credentials for either….

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Executors, In the News, Uncategorized

And the Estate Goes to…

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It is imperative to make a will.  Too often lawyers come across files where an individual dies without a will (i.e. “intestate”), leaving behind a messy estate to be wrapped up and distributed.   People often wonder who inherits an intestate person’s estate. When a person dies intestate in Ontario, the distribution of his or her estate is governed by the intestacy rules set out at Part II of the Succession….

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Income Splitting Loans: What’s the Use?

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We have blogged about 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 marketable securities, mutual funds, real estate income trusts (to name a few). The income from these properties less the interest paid on the loans….

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Canada Revenue Agency, Estate Planning, Interest, Investments, Property, Spouse, Tax Issues, Uncategorized

Estate Planning for Millennials

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As a “millennial” (an imprecise demographic term which describes those born between 1980 and somewhere in the late 1990s), I often hear about the ways in which my generation is doing things differently (often worse) than those generations before us: we live on our smartphones[1], we can’t seem to get out of our parents’ houses and in to our own places[2], and we are delaying getting married and having families….

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The Cost of Winning, Sort of….

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In my practice, I have been engaged on valuation matters which, on occasion despite the efforts of all those involved, go to trial to have a trial judge settle for the parties. Most trials are expensive and the actual outcome is not always certain, no matter how strong one side of the matter or case might be. It has been my experience that even if one happens to be on….

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Costs, Estate Administration, Estate Litigation, Executors, Joint Tenancy, Property, Uncategorized, Undue influence, Wills
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