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Latest news in Estate Planning

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

photo of hands holding pen under document and pressing calculator buttons

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

house versus cottage

Home or cottage: Which should be a principal residence?

Knowing the answer can help maximize your client’s wealth

Will document

Marriage no longer automatically revokes a will in Ontario

Bill 245 has received royal assent, which also means that Ontario is a substantive compliance province and virtual will witnessing is permanent

Chateau Frontenac in Quebec city, Canada

Quebec extends tax for financial institutions, drops small biz tax rate

The finance minister forecast a deficit of $12.3 billion this fiscal year

Will document

Can a trust avoid tax on a deceased person’s RRSP?

A trustee’s tax liability has limits, a court case suggests

Closeup of paper man pushing tax wooden block on table against gray background

RRSPs, RRIFs and withholding taxes at death

The absence of withholding taxes can create unexpected consequences if no planning is done

Canada and USA Flag

Wills and power of attorney for cross-border clients

Planning for foreign assets may require multiple documents

father and son

The secret to using secret trusts

Clients considering the strategy must take extra care

Will document

Ontario could join other provinces in letting courts save invalid wills

Some estate experts argue changing the law could lead to unintended consequences

Sir Oliver Mowat statue at the Ontario Legislative Building in Toronto

Ontario survivors could now receive more if their spouses die without a will

Ontario raised preferential share to $350,000 as of March 1

Businessman falling into a financial safety net. Business concept cartoon illustration.

Severance planning: What your client should consider

Use these tips for discussions and decision-making

gavel on a wooden bench

Ontario raises small estate limit to $150,000

The change takes effect April 1

nesting toy

Breaking down the duty to inform

Regularly providing information to beneficiaries — and keeping records — will go a long way