The CRA was recently asked to consider whether subsection 118.1(5.1) of the Income Tax Act would apply to a gift made to a qualified donee of a capital interest in a testamentary charitable residual trust. Subsection 118.1(5.1), if applicable to charitable gift, allows the tax credit in respect of the gift to be claimed by the testator in either or his or her last two taxation years or by testator’s….
RBC recently released their Wealth Transfer Report 2017. Some of results confirm what we have read for years about the percentage of people who have proper Wealth Transfer Plans in place. What caught my eye, were the survey results about the inheritor experience and educating the next generation. By way of context, this survey was comprised of 3,105 respondents from across Canada, U.S.A. and the U.K. with average investible assets….
Knowledge: The Inheritors’ Perspective Continue Reading »
Estate Planning, In the News, UncategorizedA recent Ontario Court of Appeal (“ONCA”) decision, though not an estate case specifically, is an important read for all litigators and parties who settle their disputes outside of the courtroom. In the case of Biancaniello v. DMCT LLP, 2017 ONCA 386 (CanLII), the parties signed a mutual release to settle an action. Several years later, an unanticipated claim arose and the question before the ONCA was whether the release….
You Shall be Released Continue Reading »
Estate LitigationThe Canada Revenue Agency was asked to speak to the implications of a gift return and their response included some commentary on the impact on the donor. The situation the CRA was asked to consider involved an individual taxpayer who, in 1981, gave a whole life insurance policy to a charitable foundation raising funds to support a specific college. The gift was made on the condition that the funds be….
Gift returned receipt required Continue Reading »
Canada Revenue Agency, Charitable Giving, Estate Donations, Executors, Insurance, Philanthropy/Charitable Giving, Tax Issues
I had the pleasure of recently attending the B’nai Brith Canada Estates and Trusts Group annual seminar, titled Power of Attorney Disputes. It was a wonderful opportunity to watch some of Ontario’s finest estate lawyers play different roles (feuding siblings and mediator) as well as hear their professional perspective on various aspects of Power of Attorney disputes regarding questionable capacity, accounting issues, estate trustees and sexual consent. While the focus….
Family Meetings and Power of Attorney for Personal Care Continue Reading »
Elder Care, Elder Law, Family Conflict, Power of Attorney, Powers Of Attorney and Guardianship Disputes
In a nutshell, the duty of Attorneys for Personal Care under the SDA is to act as a substitute decision-maker (SDM) for proposed healthcare interventions if the person is incapable of making that decision, and in doing so, to make decisions in the person’s best interests and in keeping with prior expressed wishes if possible. The SDA provides guidance to those acting as an SDM in how to determine best interests,….
