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Latest news in Estate Planning

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Breaking down the ‘executor’s year’

Some beneficiaries are entitled to interest on their inheritance starting one year after death

time is money

Estate planning with TFSAs

Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies

Hard working craftsman working with planer in a workshop for woodwork. Handsome man with tattoo and beard.

What your clients should know about real estate renos and repairs

For the best tax treatment, distinguish between current and capital expenses

old photo showing a missing person

Finding missing beneficiaries

What executors need to know when a beneficiary can’t be easily identified or found

audit

Ontario’s estate audit rules keep executors honest

While audits are uncommon, rules introduced in 2015 ensure stringent reporting of assets

photo of hands holding pen under document and pressing calculator buttons

CRA won’t administer proposed new trust reporting rules

Expanded trust reporting requirements announced four years ago were set to be effective, but feds still haven’t passed legislation to enable them

Stock Photo - a boy playing with grandmother at home

In-trust-for accounts and taxation

Factors to consider when setting aside funds for minors

Wooden dock with chair on calm fall lake

Unintended tax consequences of joint tenancy with a right of survivorship

A client scenario with a family cottage shows the importance of planning

family cottage

Blended families creating demand for tax services across jurisdictions: study

Complex relationships are increasing the risk of litigation

  • By: Staff
  • November 29, 2021 November 29, 2021
  • 15:05

Help your client with tax-efficient charitable giving

Use these tips to make the most of a donation tax credit

father and son conversation

Affluent Canadians want to help both their children and the world, research finds

Parents are helping children buy houses and start businesses

RBC partners with estate planning platform to offer online wills

The collaboration provides clients who need basic estate planning an affordable, online option

  • By: Staff
  • November 16, 2021 November 16, 2021
  • 12:31

More Canadians are looking to pass on inheritance early, study finds

Some want to see loved ones enjoy their inheritance, while others are motivated by financial need

  • By: Staff
  • November 16, 2021 November 16, 2021
  • 12:13
vintage porcelain doll

Collectibles present unique challenge for executors

From sports memorabilia to vintage cars, treasured items require special attention

family cottage

How to avoid succession battles with the family cottage

Keeping it in the family and maintaining harmony

Ontario Queen's Park Legislative Building

Ontario overhauls probate application process

Experts divided over whether streamlined application forms will make applying easier

compensation

How much should an executor be paid?

If a will doesn’t address compensation, then provincial statutes, case law or set guidelines govern how much an executor can receive

Wooden cubes tax with canadian dollar

Help your client avoid losing GRE status

Contributions and loans to a graduated rate estate can have tax consequences

Red For Rent sign closeup against brick building

Potential tax implications from renting a principal residence

A change in use could result in a deemed disposition

house versus cottage

Don’t let real estate add to relationship woes

Consider the tax consequences before transferring property after a separation

Will document

Estate experts seek resolution on beneficiary designation issue

Stakeholders want it to be clear that beneficiary designations indicate the deceased's wishes

wills-estate-battle

Beneficiary designations affirmed in Ontario court decision

The decision in Mak (Estate) v Mak differs from the controversial Calmusky ruling

gavel

Court overturns father’s decision to disinherit daughters

Adult twins who were disinherited by their dad have been granted 70% of his estate by a B.C. judge

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Non-resident executors and posting bond

Clients may need to revise their wills if they’ve named out-of-jurisdiction executors

woman in a maze with a clear path

Ontario’s new probate process for small estates is easier

New rules may allow more executors without a legal background to apply for probate