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If you answered YES to any of the above, you should consult
an expert to make sure that there are no unexpected problems
for your loved ones!
New Income Tax rules have changed the way
income tax will be charged on estates set up for surviving
spouses.
Common-law spouses do not have automatic rights
to share in an estate unless there is a will that provides for it.
Without a will, a legal, but separated spouse is treated as the
only spouse.
New reporting requirements for estate trustees
require very detailed reporting of everything you own. However,
there are ways to lessen this obligation.
Charitable bequests of money and securities can
be done with tax benefits that were not necessarily available under
the previous rules.
Trusts created in wills (testamentary trusts)
used to be taxed at marginal rates. Beginning in 2016, all
continuing trusts, will be taxed at the top marginal rate on all
income taxed in the trust.
Trusts for disabled beneficiaries will still be
taxed at the marginal rates on reinvested income, but the
beneficiary must qualify for a Disability Tax Credit under the
Income Tax Act, and only one trust will be allowed for
each disabled person.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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This year’s program is entitled “An Analysis of Fidelity Claims for the Modern World.” The program will address important substantive and practical issues germane to today’s fidelity claims handling.
Program Chairs Robin Segal-Gonzalez and Justin Wear have designed a lineup of presentations that will update participants on recent developments and claims handling strategies.
A recent decision stemming from the Ontario Superior Court of Justice is likely to have far-reaching implications on wills across the Province, and your will could be one of them.
Last year, I reported a decision by Justice Rick Danyliuk of the Saskatchewan Court of Queen's Bench in which he took a dim view about having to decide the ownership of a separating couple's dogs.
Family trusts, like all trusts, are by their nature complex beasts. They create unique rights and obligations between specific actors that originate in the trust obligation itself.
Since the coming into force of the FLA, S.B.C. 2011, c. 25, much has been written about the implications of the family property provisions dealing with trusts, particularly with respect to their application...
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From Tots To Tweens: Tax Savings Tips For Parents 
