A very recent decision from the Ontario Court of Appeal (Holgate v. Sheehan Estate, 2015 ONCA 77) considered the question of whether the accumulation of wealth should be considered a “use” of trust income or capital…..
As the CTV election coverage commercial proclaims, “Tonight, history will be made.” Today is election day! Don’t miss out on your chance to participate by casting a ballot. ….
Today is Election Day – Don’t Forget to Vote! Continue Reading »
Estate PlanningIn a recent letter, the CRA was asked whether a testamentary spousal trust could qualify as the graduated rate estate where the spousal trust is comprised of the deceased’s entire estate. ….
MORE GUIDANCE ON GRADUATED RATE ESTATES Continue Reading »
Estate PlanningA recent decision from the Federal Court of Appeal contains sad news for snowbirds and those who struggle with long, Canadian Winters. In Canada v. Tallon, the Federal Court of Appeal was tasked with determining whether travel to warmer climates could under appropriate conditions be considered a medical service. The taxpayer sought to deduct expenses related to such travel as medical expenses for the purposes of the medical expense tax credit as defined in subsection 118.2(1) of the Income Tax Act (Canada)…..
WARM AIR IS NOT A MEDICAL SERVICE Continue Reading »
Tax IssuesThe CRA recently began an initiative to consolidate the information provided in its income tax interpretation bulletins and income tax technical newsletters. The new publications are called “folios”. As each folio is released, it is subject to a three-month comment period. In late September, the CRA released “S6-F2-C1-Disposition of an Income Interest in a Trust”, which, among other things, summarizes the tax consequences of a disclaimer, release or surrender. A….
I was recently asked about whether, and when, an attorney for property can make charitable gifts on behalf of a grantor. The answer depends in part on whether the grantor of the power of attorney (the “POA”) is capable of managing property at the time the gift is made. While the grantor is capable, the attorney-grantor relationship is mainly one of agent and principal.[1] The attorney’s primary responsibility is to….
When can an attorney for property make charitable gifts? Continue Reading »
Estate Planning, Fiduciary Professions, Home-Right