Category: Blog

There are a variety of non-tax and tax reasons to support charities. When deciding which charities to benefit, many Canadians have philanthropic objectives that extend beyond the border. First, it’s important to understand the Canadian tax benefits of charitable giving. Under Canadian tax rules, a donor may claim tax credits

For almost two years now, the prescribed rate under the Income Tax Act has been at an all-time low of 1%. This low rate has made using a family trust or spousal loan to split income with minor children, grandchildren and a spouse very attractive – which is in contrast

When building a life together, one of the more important decisions for married spouses or common-law partners is how to deal with their respective assets and whether or not some or most should be combined. Holding assets jointly with your spouse or partner, particularly in less complex estates, is a

One of the most important decisions to make in planning your Will is choosing your executor and trustee (referred to as an estate trustee). Who should act, whether you should have two or more act jointly, and who to appoint as the alternate(s) should your first choice be unable or

As we head into tax season, we want to give our readers a refresher and a resource on tax filings for estates. Executors are generally responsible for income tax compliance for a deceased person and their estate, including preparing and filing all necessary tax returns in all relevant jurisdictions, paying

Proposals Galore in Congress in Fall 2021 The U.S. Congress was very busy throughout the Fall of 2021, and it was very challenging for advisors and their clients to keep up with a number of proposals dealing with trusts, how they are taxed, and their rates of tax, other estate

Avoid Losing, Misplacing, or Accidentally Discarding a Will As important as having a Will in place that clearly outlines your wishes and intentions after your death is, it ultimately won’t matter if the Will cannot be located on your death. Surprisingly, keeping a Will in a safe and secure spot

There have been a lot of great songs written about change. Like a broken heart, it’s a universal theme, and an essential part of our human experience. One of my favourites is “Video Killed the Radio Star” by The Buggles. (Fun fact – this was the first music video to

On an intestacy (when a person dies without a will), each Canadian province and territory provides for a mandatory scheme to distribute a deceased person’s property, which is typically between their surviving spouse and children, if any, and alternately to other relatives. Some provinces and territories provide a spouse with

Preparing a Power of Attorney for Personal Care is a critical part of your estate plan. It offers the ability to choose one or more family members or others who will make personal care decisions for you when you do not have the capacity to do so. A Power of