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Toronto Ontario Estate Law Blog
“That’s It – We’re Moving to Canada!” Leaving Assets Abroad: Estate Administration Issues
A few weeks ago, Google reported an increase in the number of searches on how to apply for Canadian residency and citizenship. Surprisingly, these numbers may not just be from our friends south of the border: in 2019, Canada welcomed over 284,000 people worldwide. This statistic is not unique to
Prescribed Interest Rate Loans: Saving Tax Dollars by Using the Prescribed Interest Rate
Income tax matters and Canada Revenue Agency publications are often viewed as dull until they directly apply to our own situation. This is likely true for most people in respect of the prescribed interest rate. However, the prescribed interest rate can be of benefit to you, especially since it has
LIVE WEBINAR: It’s Complicated: Solutions for Planning and Administering an Estate with Foreign Connections
Are you (or your clients) making estate plans or administering an estate that involves one or more countries? Will you (or your clients) inherit property in England? Do you (or your clients) own a second property in Portugal or Italy? Do you have clients who moved to France, but have left assets in Canada?
Are Your U.S. Securities Giving You the Security You Thought?
Canadians who own U.S. securities may be surprised to find out that their investments may be exposing themselves to a tax as high as 40% on death. Without proper planning, an individual’s U.S. investments may be subject to U.S. estate tax, which will not provide the anticipated or desired result.
Who’s in Charge? Key Considerations in Choosing Your Executors
Who will be in charge of executing your will is one of the most important decisions to make in the estate planning process. People often only consider close family members, but they may not always be the best choice. Here are some key considerations. An executor must be at least the
Using Trusts When You Lose Trust in Your Loved Ones
Trusts are often looked to in estate and wealth planning because of the potential tax advantages they can afford. Some of these tax advantages, including probate tax and income-splitting opportunities, have been examined in a previous blog post “Sometimes it is About the Tax – Inter-vivos Trusts and Spousal Loans.” As
Do You Know Who Your Spouse Is?
The definition of who is and who is not a spouse, both for legal and income tax purposes, has changed a lot in the last few decades. Some previously discriminatory laws have been abolished (for example, the bar to same-sex couples marrying) and some rules have been updated to reflect
The Preferential Share on an Intestacy: Time for an Update
On an intestacy (when a person dies without a will), each Canadian province and territory provides for a mandatory scheme to distribute the deceased’s property, which is typically between the testator’s surviving spouse and children, if any, and alternately to other relatives. Some provinces and territories provide a spouse with
Unintended Consequences: Multiple Taxation on Death
Last November 2019, I had the opportunity to organize a session and speak at the STEP Spotlight Conference in London, U.K., along with colleagues from several countries, including Brazil, U.S., Belgium, France, and the U.K. We discussed how our different countries tax on death and how double or even triple
New Trust Reporting and Disclosure Rules – 2021 is Coming Up Soon
In our previous blog, “Getting Ready for the New Trust Reporting and Disclosure Rules”, we wrote about the new Canadian trust reporting and disclosure rules coming into effect in 2021. Whatever you may think of the new requirements, if you are a trustee of an existing “express” trust (i.e. a trust
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