Total 148 Posts
This blog was co-authored with Ronald Neal, student-at-law. John the Farmer wanted to buy the family farm after his mother died. His siblings wanted to sell it on the open market. In Janicek v. Janicek, 2018 ONSC 681, the court had to decide which outcome the will dictated. Background The Deceased passed away on October 11, 2012 and left the fate of the family farm in the hands of her….
Buying the (Family) Farm? Continue Reading »
Trustee, Wills
The phrase “No good deed goes unpunished” is often attributed to Clara Boothe Luce, an American Dramatist, who was the first American woman appointed to a significant ambassadorial post abroad. Today it is often used to express the idea that beneficial actions often go unappreciated or are met with hostility. The decision of the Ontario Court of Appeal in Teixeira v. Markgraf Estate, 2017 ONCA 819 no doubt left Arlindo….
No Good Deed Goes Unpunished Continue Reading »
Elder Care, Estate Administration, Estate Litigation, TrusteeA common estate planning technique is to structure a family trust which owns the shares of a small business corporation in such a way that allows each beneficiary (most commonly being members of the taxpayer’s immediate family – spouse and/or children) to participate in the sale or disposition of the business, thereby utilizing their life time capital gains exemption and potentially saving several hundred thousand dollars in taxes payable on….
Trust Allocations and Gifts to Family Members Continue Reading »
Business Succession Planning, Canada Revenue Agency, Estate Planning, Investments, Property, Small Business, Tax Issues, Trustee, Trusts, UncategorizedSometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. Generally speaking, a penalty starts at a minimum of….
It’s no surprise that when one spouse dies there may be a sharp decline in household income suggesting some time is spent planning for the change. A recent article (http://www.advisor.ca/tax/tax-news/shedding-light-on-the-cpp-survivor-benefit-241094?email=yes) shed light on the CPP survivor benefit that is both interesting and worthy of note. A survivor for purposes of the CPP death benefit includes a common law spouse. A common law spouse’s claim takes precedence over the claim of….
Canada Pension Plan Survivor Benefits Continue Reading »
Estate Planning, Executors, Trustee, Uncategorized
Today’s blog was written by guest blogger Wendy Templeton. Wendy Templeton practices in the area of Wills, trusts, tax and estates at LLF Lawyers LLP in Peterborough. She is a well-known author and lecturer and currently contributes to the Diploma Program of the Society of Trust and Estate Practitioners of Canada (STEP), and Co-Chairs the five day intensive Will, Estate and Trust Fundamentals course sponsored by the Canadian Bar Association. It is….
So, you want to be an Executor – Take Heed! Continue Reading »
Estate Administration, Executors, Family Conflict, Trustee, Wills