Total 679 Posts
In my previous blog I looked at the revised rules for the tax on split income, or “TOSI”, that were released on December 13, 2017. In that blog I noted there are special rules that apply in respect of income and gains on property that is acquired as a consequence of death. This blog focuses on those provisions. If income or gains from property are “split income”[1] the TOSI applies….
Death and TOSI Continue Reading »
UncategorizedGenerally, when an annuitant of a Registered Retirement Savings Plan (“RRSP”) or a Registered Retirement Income Fund (“RRIF”) dies, the Canada Revenue Agency (“CRA”) will consider that the annuitant received, immediately before death, an amount equal to the fair market value (“FMV”) of the property held in the RRSP or RRIF at the time of death. This amount and all other amounts the annuitant received from the RRSP or RRIF….
Post-Death Decline in the Value of RRSP or RRIF: What Happens? Continue Reading »
Canada Revenue Agency, Estate Administration, Tax Issues, UncategorizedThere has been much case law surrounding the difficulties that may arise when a parent and adult child are joint tenants with respect to real property. In the Ontario Court of Appeal (the “Court”) decision, Jansen v. Niels Estate[1], the Court was faced with the issue of whether Theadora Niels’ (“T”) interest in her house passed by right of survivorship to her daughter-in-law, Ingrid Niels (“I”), pursuant to a joint….
Joint Tenancy and Right of Survivorship Continue Reading »
Uncategorized
This article was co-authored with Ronald Neal, student-at-law. In its recent decision of Cowper-Smith v. Morgan, 2017 SCC 61, the Supreme Court of Canada expanded the application of the doctrine of proprietary estoppel to find that a person can be bound to fulfill a promise she makes in respect of property that she does not have an interest in at the time the promise was made. Facts The appeal….
Don’t Make a Proprietary Estoppel You Don’t Intend to Keep Continue Reading »
UncategorizedAs tax and estate planning goes, advisors look for signs of things to come and events to happen. We have started to hear rumblings about rising interest rates perhaps suggesting some action may be required where prescribed rate loans are involved. Last week I was alerted to the fact the Bank of Canada posted the average yield on 3 month treasury bills 1.17%. Should the average yield at the January….
The winds of change Continue Reading »
Estate Planning, Interest, Tax Issues, Uncategorized
This is my 8th annual year end investment review for Trusts. As I have indicated in the past, Trustees are accountable for a prudent investment policy. This includes a review of the performance of the investments in the Trust. For Trusts that hold a portfolio of marketable securities, a fundamental element of the review includes a comparison of the performance of the investments in the Trust against relevant benchmarks. For….
2017 – Fake News & Fidget Spinners Continue Reading »
Estate Administration, Investments, Uncategorized