While the sun did shine yesterday, it was still a difficult day for many of us. Not just because we can’t be outdoors, or play golf or volleyball but because for many, we continue to be restricted from seeing, and hugging our mothers. It is the 2nd Mother’s Day of being restricted; some distanced by emergency stay at home orders and some like me, separated by death. Another of the….
Monday, the day after yesterday. Continue Reading »
Elder CareDistributions from the estate of a Canadian resident to a non-resident can give rise to additional compliance obligations under section 116 of the Income Tax Act where the estate owns Canadian real estate. The need for such a clearance certificate is determined based on the value of real estate held by the estate in relation to the total residual value of the estate. Given the current boom in the Canadian….
This Blog was written by: David McPhee, Estate and Trust Consultant, Scotia Wealth Management When the term “power of appointment” comes to mind, one often thinks of the provision in a will or inter vivos trust deed which creates a trust for a beneficiary for his or her lifetime, and then goes on to say that the beneficiary has the ability to specify in writing, either through his or her….
Powers of Appointment vs. Trusts – Failure to distinguish between them in Wills Continue Reading »
Trusts
In the recent decision of Goldentuler v. Simmons Da Silva LLP, 2021 ONCA 2019, the Court of Appeal for Ontario considered whether an individual had capacity to commence a lawsuit in which the cause of action belonged to an estate. Facts The late Henry Goldentuler (“Henry”) was a lawyer in private practice. Before his death, Henry commenced an action against a group of former employees who had removed 120 client….
Whose Claim Is It Anyway? Continue Reading »
UncategorizedThe 2021 Federal Budget included proposals that would see an expansion of the Disability Tax Credit to more Canadians. The Disability Tax Credit (DTC), with a value of $1,299 for 2021, is a non-refundable credit intended to offset the impact of disability-related costs. In order to claim this credit, a taxpayer must have a certificate confirming they have a severe and prolonged impairment in physical or mental function, or be….
Disability Tax Credit Continue Reading »
Canada Revenue Agency, Capacity Law, Caregiving, Disability, Elder Care, Estate Administration, Estate Planning, Executors, Tax Issues
And I don’t mean figuratively, I mean literally. I heard two stories this past week of two elderly individuals who are both quite compromised with dementia. One lives in a retirement residence and the other lives in her own home with care support. In both instances, they had a fall and their caregiver called 911. The ambulance did not allow their caregiver (PSW) to attend with them. They were bundled….
Getting Lost In The System Continue Reading »
Elder Care