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LIFE INSURANCE IN THE COVID-19 ERA

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As someone who has been around the life insurance industry in a professional and personal capacity for several decades, I am always curious about what motivates people to buy or not buy life insurance. I understand that few people spend time thinking about the consequences of low-probability events and are therefore disinclined to consider the need for life insurance. I would have thought the COVID-19 pandemic would increase public awareness….

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Business Succession Planning, Estate Administration, Estate Planning, Funeral Planning, In the News, Insurance, Investments, Property, Tax Issues, Uncategorized

The “Talk”

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Today’s blog is being brought to you by guest blogger, Jennifer Campbell, a law clerk in the Private Client Services group of Fasken LLP. The time finally came that my brother and I have had to have “the talk” with our parents.  No no, not THAT talk.  Rather, the talk with them about whether it was time for them to “downsize” because of their age or whether they should start….

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How to Provide for Your Island in Animal Crossing: New Horizons After Your Death: Part II

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This is a three-part blog series that seeks to explore the manner in which one can conduct estate planning with respect to their copy of the popular 2020 Nintendo Switch video game Animal Crossing: New Horizons. Part I discussed the importance of this topic and described the applicability of a non-charitable purpose trust to this type of estate planning. Part II examines the practical considerations for operating a non-charitable purpose….

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TFSA’s and Survivor Payments: Impact of Fair Market Value.

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In this space, sometime ago, a fellow blogger wrote about how survivor payments made out of a deceased’s tax free savings account (TFSA)  to the deceased’s spouse TFSA would qualify as an “exempt contribution” (i.e. the contribution room in the surviving spouse’s TFSA would not be affected by the addition of these funds), even if the spouse was not designated beneficiary of the TFSA. What are the implications to the….

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Canada Revenue Agency, Estate Administration, Investments, Property, Tax Issues, Uncategorized, Wills

A Financial Opportunity To Kick-Start Your Summer; Family Income Splitting Loans At A New, Low Prescribed Rate

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This post was contributed to by Corina Weigl, Maureen Berry, Kathryn Walker, and Tamar Silverbrook, of Fasken. If you have a family member who is in a lower tax bracket than yourself, an upcoming change in the Canada Revenue Agency’s (“CRA”) prescribed interest rate will create a financial opportunity.  Effective July 1st, 2020, the prescribed interest rate will drop to 1% , increasing the tax advantages available through the utilization….

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