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In the world of estate planning, a genie is not the only one who could potentially grant you a wish: your trustee may also be able to do this with the help of a letter of wishes. A letter of wishes is a non-binding document that sets out suggestions to
It is trite, but perhaps worth repeating that for many people, one of their primary estate planning goals is to take care of their spouse after their death. This is particularly the case if most of the couple’s assets are held by one spouse or where the spouses are in
Many individuals take advantage of registered savings plans in Canada. The most commonly known plans are Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs). There are certain rules and restrictions to be aware of for Canadians who have such plans and become non-residents for tax purposes. In a
Increasingly, people and their assets have connections to several jurisdictions, rather than just one as in times past. Over the course of a lifetime, many of us will leave a trail behind us of real estate, bank accounts, investment accounts, retirement savings plans and pensions, as well as beneficiaries and
Jointly held assets are a popular estate planning tool because of how simple they appear. Adding a child on title to the house seems like a quick way to avoid paying probate taxes, or adding them as a joint owner on a bank account could be a convenient way to
Many of you have a power of attorney for personal care if you live in Ontario, or a similar document if you reside in another jurisdiction. Its purpose is to appoint one or more persons to make personal care decisions on your behalf when you no longer have the capacity
It is a well-established principle from the Supreme Court of Canada’s 2007 decision, Pecore v Pecore, that there is a presumption of a resulting trust where a gratuitous transfer of property is found. The primary example is when an asset is put into joint names by a parent with an
Your will can sometimes be seen as your final words to your loved ones. You may want to set out specific gifts to the people who you cherish most or who have helped you out during your lifetime. But as in life, you need to make sure you can actually
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