our 10th year
blog anniversary
July 1, 2017 is not only Canada’s 150th birthday and a cause for great celebration, which we are eagerly looking forward to. It is also the date that Canadian financial institutions must have in place appropriate procedures to provide information to Canada Revenue Agency on financial accounts held by non-residents
The Ministry of Finance recently introduced a 15% tax on the purchase or acquisition of a residential property in the Greater Golden Horseshoe by individuals who are not citizens or permanent residents of Canada or by foreign corporations or taxable trustees. The new Non-Resident Speculation Tax (“NRST”) is in addition
Most taxpayers know that when you sell an asset which has increased in value, the federal Income Tax Act provides that you will generally be liable for capital gains tax on the net increase in value, unless there is an applicable exemption. One exemption from capital gains tax is for
It is becoming more and more the “norm” in many areas of day-to-day life that in lieu of an original paper copy of a document being given to us during some form of transaction or interaction, the document is instead created and sent to us digitally. Consider for example car
With increasing globalization of people and their assets, a growing and often hidden threat is multiple taxation on death. Different countries tax in different ways on death, and when those laws collide, the same assets can be exposed to double and even triple tax or more. Some countries tax the
While this winter in Toronto has been blessedly mild, colder weather makes many of us wonder why we live in a cold climate, or at least envy those who have vacation homes in warmer climates. While a vacation home in Florida or Arizona or other southern destinations may be a
In Ontario, on an application for a Certificate of Appointment, the applicant must pay Ontario Estate Administration Tax (also known as “probate tax”). Probate tax is levied at an approximate rate of 1.5% on the gross value of the estate. Assets passing outside of an estate, such as jointly-owned assets,
A “protector” is a person who is given special rights and powers under a will or a trust instrument to participate in the administration of an estate or a trust. Protectors generally provide an oversight function–they ensure the trustees are administering the trust in accordance with the testator’s or settlor’s
Perhaps I should refrain from re-stating the obvious, but it bears repeating–we live in an increasingly global and mobile society, where people move from jurisdiction to jurisdiction with relative ease. And when we’re not picking up and moving residences, we’re travelling to foreign destinations and buying property, opening bank accounts
Organizing one’s estate planning to minimize estate administration taxes or “probate fees” (the tax collected by the Ontario government on the date of death value of a deceased’s estate when an estate representative applies to the court for a certificate of appointment) has been a popular goal for Ontarians given