Wills

Total 466 Posts

Someone else’s tax bill – Sometimes there is no getting away from it!

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In Dreger et al v the Queen (2020 TCC25), the beneficiaries of an estate bequest appealed assessments for unpaid taxes by the deceased. In this case, the deceased was an annuitant of a life income fund (“LIF”) and prior to his death, he designated to each of his daughters as his beneficiaries under a beneficiary designation in respect of the LIF. In his will, the deceased named his daughters as….

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Canada Revenue Agency, Courts, Estate Administration, Estate Litigation, Executors, Investments, Liability, Tax Issues, Trustee, Trusts, Uncategorized, Wills

A Presumptive Peril: The Law of Beneficiary Designations is Now in Flux

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Calmusky v. Calmusky, 2020 ONSC 1506, is a 2020 decision of the Ontario Superior Court of Justice that is ruffling some feathers among banks, financial advisors and estate planning lawyers in Ontario. In this case, the court applied the principles surrounding the presumption of resulting trust, established by the Supreme Court of Canada in Pecore v. Pecore, [2007] 1 S.C.R. 795, to two different issues related to a single estate. One….

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Credibility, Estate Administration, Estate Planning, Family Conflict, Joint Tenancy, Probate Tax, Resulting Trust, Trusts, Wills

WHAT ABOUT A CORPORATE EXECUTOR?

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A lot has been written about how should choose an executor, and some of it in this blog place. A couple of years ago, fellow boggler Emily Hubling wrote eloquently about the risk and rewards of appointing a professional advisor as executor. I would like to revisit some of the points made in the context of appointing a corporate executor, some who is specifically skilled and trained for the role…..

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Attorney Compensation, Compensation, Credibility, Estate Administration, Estate Administration and Probate Applications, Estate Planning, Executors, Fiduciary Professions, Trustee Compensation, Trusts, Uncategorized, Wills

TFSA’s and Survivor Payments: Impact of Fair Market Value.

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In this space, sometime ago, a fellow blogger wrote about how survivor payments made out of a deceased’s tax free savings account (TFSA)  to the deceased’s spouse TFSA would qualify as an “exempt contribution” (i.e. the contribution room in the surviving spouse’s TFSA would not be affected by the addition of these funds), even if the spouse was not designated beneficiary of the TFSA. What are the implications to the….

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Canada Revenue Agency, Estate Administration, Investments, Property, Tax Issues, Uncategorized, Wills

From e-Wills to Blockchain Estates

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This blog was written by Isabelle Cadotte – Estate and Trust Consultant with Scotia Wealth Management One of the silver linings of the pandemic has been our collective rethinking of how we work and our willingness to embrace technology that helps us stay connected and work smarter. From remotely sworn affidavits, to virtual courtrooms and e-filings, courts across the country are embracing the opportunity to modernize their processes and increase….

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Contracts, Courts, Estate Planning, In the News, Uncategorized, Wills

Listing in a Time of COVID

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Regular court operations and limitation periods/statutory deadlines continue to be suspended in Ontario due to COVID-19 (as discussed further in my previous blog). However, this does not mean that litigation is somehow frozen or that deadlines in previous court orders do not apply. One party learned this painful lesson in Lima v. Ventura (Estate of), 2020 ONSC 3278. The facts in this case are depressingly common in Toronto. A deceased….

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Estate Administration and Probate Applications, Estate Litigation, Wills
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