Tag: estate planning

01 May

Separated Spouses and Estate Planning Issues – Hull on Estate and Succession Planning Podcast #58

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During Episode #58, Ian and Suzana discuss estate planning and separated spouses including the equalization process, the importance of valuation on the day of separation, and how issues of spousal support and child support can dovetail into estate planning.

Suzana mentions the case of  A.A. v. B.B., 2007 ONCA 2 from the Ontario Court of Appeal, wherein a child may have three parents.

30 Apr

Tax Time

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It’s tax season. That wonderful time of year for number crunching, hunting for receipts and depending on your situation, hair pulling.

If you are an executor of the estate of a deceased person, you also have the responsibility of filing the deceased’s "final return." To borrow from a popular expression, the two certainties, death and taxes, follow each other. Final tax returns for those who die during the period from January 1 to October 31 are due April 30 of the following year.*

While there are no inheritance taxes in Canada there are a number of taxes that arise as a result of your death and must be included in the final return. Some of those taxes include the following:

Capital Gains Tax. For the purpose of calculating tax, the CRA deems a deceased to have disposed of all her capital property immediately before her death. This is referred to as a “deemed disposition.“ Depending on the deemed proceeds of disposition, there may be a capital gain or loss. Certain types of capital property are exempt from this rule and an expert should be consulted for specific advice.

RRSPs and RRIFs. These tax sheltered investment vehicles lose their status as such at death. When you die, the tax holiday ends and your RRSPs and RRIFs are collapsed. There is a deemed sale of any securities held in the RRSP or RRIF and any income made in the year preceding your death must be included in the final return. There are a few notable exceptions to this rule, such as a spousal rollover and transfers of your plan to minor and/or mentally infirm children.

There are many creative ways of reducing the taxes that surface after your death. The benefits of doing so may be substantial and result in considerable savings for your estate. When you consider the fact that you spend a lifetime building your assets, speaking to a profession about your estate is advisable. Your beneficiaries will thank you.

Jason Allan

*For more information on how to file a final return, visit the Canada Revenue Agency’s website 

17 Apr

Estate Planning Issues for Separated Couples – Hull on Estate and Succession Planning Podcast #56

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During Hull on Estate and Succession Planning Podcast #56, Ian and Suzana discuss the circumstances surrounding separated couples, remarriage and common law separations.

They discuss the impact that these separations have on estate planning including financial, tax and property ownership considerations.

10 Apr

Insurance Planning – Hull on Estate and Succession Planning Podcast #55

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During Hull on Estate and Succession Planning Podcast #55, Ian and Suzana discuss insurance planning in the context of wealth and estate planning strategies.

They cover the advantages of integrating insurance policies into your estate plan focusing on disability insurance, critical care insurance and life insurance.

13 Mar

Hull on Estates Podcast # 50 – The Rectification of a Will

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During Hull on Estates Episode #50, Sean Graham and Paul Trudelle discuss the rectification of an erroneous Will.

Sean and Paul also cover the importance of detailed documentation such as Solicitor’s notes and prior Wills, as well as Intestacy and Knowledge and Approval of the Will. 

For relevant case law on rectification, please see:

  • Re Black (1982), 37 O.R. (2d) 219, 38 O.R. (2d) 468 (Ont. H.C.), Tab 11.
  • Re Sherin (1985), 18 E.T.R. 177 (Ont. H.C.J.), Tab 12
  • Re Morris, [1970] 1 All E.R. 1057 (P.D.), Tab 6.
  • Barylak v. Figol (1995), 9 E.T.R. (2d) 305 (O.C.G.D.) Tab 8
13 Mar

Hull on Estate and Succession Planning Podcast #51 – Domestic Contracts and Disability Planning

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During Hull on Estate and Succession Planning Episode #51, Ian Hull and Suzana Popovic-Montag discuss estate planning for married spouses and common law relationships. They focus specifically on the nature and consequences of domestic contracts, their provision in Section 63 of the Succession Law Reform Act and the importance of full disclosure.

Ian and Suzana also discuss disability planning and the importance of naming a Power of Attorney for property and personal care.

30 Jan

Hull on Estate and Succession Planning Podcast #45 – Pre-Estate Planning Considerations

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During Hull on Estate and Succession Planning Episode #45, Ian and Suzana discuss various considerations that must be taken into account before the drafting of an Estate plan and Will takes place.

16 Jan

Hull on Estate and Succession Planning Episode #43 – Estate Planning

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During Episode #43, Ian and Suzana discussed estate planning with a focus on financial topics such as tax planning, multiple will scenarios and family law issues.

20 Dec

Legal Issues Surrounding the Creation of Joint Accounts – PART I

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Joint accounts tend to be a common estate planning technique used by and recommended to clients by many allied professionals. Recently, in dealing with a litigious joint accounts matter, Ian and I considered some of the legal issues surrounding the creation of such accounts. We came up with a preliminary list of twelve things that we think should be kept in mind in establishing joint accounts.

Firstly, a joint account can be viewed as a gift as between the parties and this is a legal determination that needs to be made. The onus with respect to proving a gift is on the recipient of the gift after death to show that it was legitimate. There is a presumption at law that the gift is not valid and this must be overcome after death.

Secondly, the onus with regard to gifting needs to be considered in the context of a joint account as a gift given during one’s lifetime needs to be proven by the recipient of the gift and a gift after lifetime, given through a testamentary gifting process such as a Will, needs to be proven by the person that received the gift. There is no presumption that it was obtained by virtue of undue influence.

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