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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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Estate Trustees and Irreconcilable Conflicts

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In the recent decision of Lagrandeur Estate (Re), the Court considered when an estate trustee can be ‘passed over’ due to a conflict of interest. Facts Keisha Lagrandeur (“Keisha”) died on December 6, 2019, aged 41. Keisha had two boys aged 19 and 17 with her married spouse Gaetan Lagrandeur (“Gaetan”). At the time of Keisha’s death, she and Gaetan had been separated for five years, but their divorce had….

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AMENDING TAX ELECTIONS AFTER THE FACT

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The rollover provisions of the Income Tax Act, under subsection 85, permit a taxpayer to elect to transfer “eligible property” to a taxable Canadian corporation in exchange for consideration that includes at least one share of the corporation. “Eligible property” includes most capital property, Canadian or foreign resource property, eligible capital property and inventory, other than inventory that is real property. Where the taxpayer and the corporation agree upon an….

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Canada Revenue Agency, Estate Planning, Investments, Small Business, Tax Issues, Trusts, Uncategorized

How Does Private Adoption Work?

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In my blog post of June 11, 2021, I wrote about Estate Planning and Adoption. I had many positive responses to that post from the estates community, so I thought I would write in more detail about the process. In Ontario, potential adopters can take three paths towards adoption: private domestic adoption through Ministry approved licencees or adoption agencies; private international adoption; or public adoption (through the Children’s Aid Society)…..

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#FreeBritney: Conservatorship vs. Guardianship

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Many of you have heard of the #FreeBritney movement which has been gaining media attention over the past few years. After Britney Spears’ very public breakdown due to mental health issues, a court in California appointed her father, Jamie Spears and a third party, as her conservators. The court appointed conservators under conservatorship have controlled and managed her career, finances and medical decisions since 2008. The term “conservatorship” is not….

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Gifts and (Broken) Promises

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This Blog was written by: Alicia Mossington (Godin), Estate and Trust Consultant, Scotia Wealth Management  There have been articles written over the years by my colleagues around gifting. Gifting can be a good estate planning strategy for many reasons. However, several recent cases highlight the importance of properly documenting intentions when an individual makes a gift, promise or an agreement regarding their property, particularly in the context of their estate plan…..

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