The Family Cottage: Fostering Friendship or Fuelling Foes?

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Whether it be a lakeside summer home, a small log cabin in the woods, a ski chalet, or a country retreat, a family cottage can be the source of wonderful memories and an important part of family life. However, it can also become a source of stress and disagreement if not dealt with properly in the estate-planning process. Planning for the family cottage can be challenging, in part because clients….

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An RESP may be a simple solution for funding a grandchild’s education, but beware of its limitations

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This Blog was written by Joanna Mazin, Estate and Trust Planning Lead at MD Financial Management Inc. which is part of Scotia Wealth Management Many clients I work with are interested in finding a tax-efficient way to financially support their minor grandchildren’s savings for post-secondary education. I often suggest that they consider opening or contributing to a Registered Education Savings Plan (RESP). Presenting each of these options comes with instructions on how an RESP….

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Reaffirming the Status Quo of Beneficial Designations: the saga of Calmusky v. Calmusky continued

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The Rippling Effects of Calmusky v. Calmusky In March of 2020, Lococo J.’s decision in Calmusky v. Calmusky made waves in Ontario’s legal community. (For this reason, it was included in our top 20 estate law cases of 2020. An excellent summary and analysis of that decision by my colleague Demetre Vasilounis can be found here). By applying the law on the presumption of resulting trust to an RIF, Lococo….

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Estate Administration and Probate Applications, Estate Litigation, Estate Planning, Resulting Trust, Succession Planning

Charitable remainder trusts: what are they and when are they useful?

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A charitable remainder trust (CRT), although not widely used in Canada, can be a useful charitable giving tool that generates an immediate tax credit for the donor. In an inter vivos context, an individual establishes an alter ego trust and transfers property to the trust on a tax-deferred basis. The trust holds the property for the benefit of the individual during the individual’s lifetime, entitling the individual to the trust’s income but….

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Canada Revenue Agency, Charitable Giving, Estate Donations, Estate Planning, Tax Issues, Wills

“If You See Something, Say Something”*

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Do you have a ‘TCP’? While I am not a fan of using acronyms, ‘TCP’I is one you want to know.  It is shortform for ‘Trusted Contact Person’. “The Canadian Securities Administrators (CSA) announced July 15 that regulators are adopting amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which require advisors to collect the name and contact information of a trusted contact person (TCP), along with the client’s written….

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Elder Care, Undue influence

Proclamation of the ONCA – October 19, 2021

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Today’s blog was written with the assistance of Mahsa Pezeshki, a law clerk at Fasken LLP   On August 17th the Ontario government announced that the Ontario Business Registry (OBR) will be launched on October 19, 2021 and The Ontario Not-for-Profit Corporations Act (ONCA) will also be proclaimed into force on the same day. The ONCA received Royal Assent on October 25, 2010 but cannot be brought into force until….

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Charitable Giving
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