Category Archives: Taxes and Accounting

Recent Decision Allows for Greater Relief on Tax Interest

Corina Weigl from All About Estates Blog reviews the recent victory for taxpayers in Bozzer v Minister of National Revenue. (more…)

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Ontario Estates Tax Act

Recent revisions to the Estate Administration Tax Act (Ontario) entail new reporting, enforcement and penalty provisions, explains Susannah B. Roth of O’Sullivan Estate Lawyers in this article.

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High Net Worth Canadians with U.S. Property and Assets May be Subject to U.S. Estate Taxes

Canadians with a net worth greater than 5.25m and assets held in U.S.  corporations or real estate may be subject to U.S. estate taxes.

Executors have always had a great deal of responsibility, but the job has arguably become more risky as information becomes more readily available.  For more information on the roles and responsibilities of the executor, download our FREE step by step Executor Guide.

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Using Joint Tenancies for Tax and Estate Planning

As a strategy of financial planning, many Canadians opt to place their assets in  ”joint tenancies,” joint names with right of survivorship. (more…)

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Tax and Succession Planning

In this brief podcast, estate lawyer Ian Hull of Hull and Hull LLP focuses on what he calls a “summary of considerations” for dealing Canadian tax issues. (more…)

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Tax Season for Executors

As tax season is upon us, it is important to highlight the duties that executors have in ensuring that the taxes owed by an estate are dealt with properly. (more…)

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Family Treasure or Family Tragedy?

Passing the Cottage to the Next Generation: Originally printed in Lawyers Weekly, November 30, 2012.

The family cottage is often the source of years of happy memories: children with sand between their toes; campfires; boating and large family gatherings. Because clients and their children can be emotionally tied to a family cottage, options for transferring it to the next generation should be thoughtfully considered.

Communication is Key

This may be an opportune time for a family meeting. A frank discussion may confirm who is interested in acquiring the property, how much control the clients want to maintain over it, who can afford it, whether insurance should be purchased to offset costs, and how to arrange ongoing maintenance. You may advise that your clients’ children and spouses sign a contract excluding the cottage from any family law claims. A timely, open family discussion might be the best way to allow for proper planning and to avoid unpleasant conflict. (more…)

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Estate Planning for Cottages and Vacation Homes

When summer hits, many Canadians flock to what this CIBC article refers to as the “4 C’s”: the cottage, chalet, condo or cabin. Many people own vacation homes, but these properties can cause angst between beneficiaries when there is inadequate estate and tax planning in place for these assets. (more…)

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Estate Taxes in the US versus Canada

The system of taxation related to the estate of a deceased person differs considerably between the US and Canada. This can have many implications for estate planning when assets are owned south of the border. (more…)

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Basic Tax and Probate Planning for Your Estate

Developing a strategy to minimize taxes and probate fees charged on your estate can be quite tricky. (more…)

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