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The Upcoming Federal Election: Changes that Could Affect the Advice Provided by Estate Planners

On Monday, October 21st, Canadians will go to the polls to elect the federal government. While the major parties’ platforms address many issues that are important to Canadians, there are several that will, in particular, impact the personal finances of Canadians and, ultimately, the advice provided by estate planners:[1] Personal Income Taxes All of the major parties have proposed changes to current tax rates: The Liberals have proposed tax cuts….

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Best Laid Plans: The Sculpture Fund

[caption id="attachment_11235" align="aligncenter" width="800"] Florence Wyle and Frances Loring, 1919.  Photo by Robert Flaherty[/caption]   Frances Loring (1887–1968) and Florence Wyle (1881–1968) were Canadian sculptors and life partners. In 1963 they prepared mirror wills to “assist and encourage Canadian Sculpture” through a testamentary trust, The Sculpture Fund.  Their beloved home, a Victorian church in mid-town Toronto, was to become a meeting place for sculptors and artists.  But after their deaths,….

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Estate Administration, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

When Your Property Is Not Really Your Property

This blog post is co-written with Fatima Husnain, student-at-law at Fasken Martineau DuMoulin LLP. You might assume that all of the aspects of land within your property line belong to you, but that may not be the case. A recent British Columbia case, Douglas Lake Cattle Company v Nicola Valley Fish and Game Club, 2018 BCSC 2167, found that lakes, and the fish in it, are public property. The Douglas….

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Grateful…

This blog was written by Teresa Acs – Director, Professional Development & Process Excellence With Thanksgiving right around the corner, which nicely slides into the season of gift giving, I thought I would selfishly use this Blog to thank my colleagues. I got this idea at my local Starbucks (thank you awesome Scotia Plaza Starbucks team), where they invite patrons to jot down what they are thankful for. They even….

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Gift of Ecologically Sensitive Lands and the Carryover period for charitable donation deduction

In Yellow Point Lodge Ltd. v, The Queen DTC 1130, the Company owned certain lands on Vancouver Island, mostly undeveloped and in its natural state. In June 2008, the Company granted a covenant and other specified legal interests with respect to a parcel of ecologically-sensitive land, to two organizations, with estimated fair market value in excess of $5 million. Initially, the Company did not claim a deduction in respect of….

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Canada Revenue Agency, Estate Administration, Estate Donations, Estate Planning, Real Estate, Tax Issues, Uncategorized, Wills

Anti-Lapse Provisions May Also Be Anti-Intent

Today’s blog was written by Demetre Vasilounis, Associate at Fasken LLP. One of the most important things that estate lawyers aim for when drafting a will for their client is to avoid an outcome that is contrary to their client’s testamentary intent. There are many instances where a will is not clear about what will happen when a specific event or sequence of events occurs, and in such instances a….

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