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Estate Planning Archives

Estate Planning and Marriage Breakdown - Protecting the Inheritance

In estate planning, a parent typically wishes to provide for their children and each child's family. However, this desire to benefit the child's family often has a caveat: the child's spouse should not receive any part of the inheritance in the event of separation or divorce.

Medically Assisted Dying in Canada - An Update

In April 2017, the CBC reported that over 1,300 people in Canada have died with medical assistance since the Criminal Code was amended in 2016 to legalize medical assistance in dying ("MAID"). While this statistic points to the importance of MAID for many Canadians, the new legislation has not settled the ongoing debate concerning the right to die. Recent litigation on various fronts has highlighted continuing controversies, including questions about the role of medical professionals in MAID, limitations on who will have access to medically assisted dying, and ambiguity in the criteria for access.

Reproductive Technology and Estate Law: The Road to Progress is Paved with Good Intentions

On January 1, 2017, most of the provisions of the All Families Are Equal Act (Parentage and Related Registrations Statute Law Amendments), 2016 (S.O. 2016, c. 23) came into effect in Ontario. The intention of the Act is to establish new rules of parentage in Ontario to deal with the modern reality of assisted reproduction and surrogacy when it comes to who is, and who is not, a parent of a child and allow for non-biological parentage structures without the necessity of Court intervention. This involved updating and revising a number of statutes to make related amendments, such as to the Vital Statistics Act (Ontario) to reflect the new rules as they affect birth registrations.

The Winds of Change or the Winds of War? Government's Tax Proposals Target Business Owners

As we return from Labour Day weekend and reflect back on the summer that never quite was, a major issue that will grab attention over the next weeks, now that it's business as usual again, is the government's recent tax proposals.

Integrating Life Insurance in The Estate Plan: The Need for an Holistic Approach

One of the interesting changes in our modern age when it comes to succession on death is that for many people, most of what they pass to their family and others will not be through their will, but instead by a "will substitute" such as life insurance. Many persons have term policies with a death benefit far greater than the assets accumulated during their life.

The New Normal: Assisting a Child with Buying a Home

A current trend in the increasingly expensive Canadian housing market is parents helping children or grandchildren and their spouses with a down payment or mortgage on a first home. In Ontario, about 35% of people buying homes now receive assistance from their relatives with a down payment and approximately 38% have a down payment of 20% or more. To see statistics for down payment assistance across the country, please refer to this link. Although such financial assistance is helpful for a child or a young couple looking to get into the housing market, this generous gesture can lead to unexpected and undesired consequences and even disputes, including upon a child's marital breakdown. Without having done the proper planning or evidencing their intention, parents may even see a child lose their gift to a former spouse.

Navigating Multi-Jurisdictional Probate

In March of this year, I wrote about the complications which can arise in administering an estate of an individual who owns a vacation home in a U.S. state such as Florida or Arizona. In that blog, I discussed issues in estate administration which arise from the multi-jurisdictional location of assets and the requirements to obtain probate in different places. Another type of complication which can occur arises from the probate rules in other jurisdictions and the ways they differ from, and are not compatible with, the probate rules in Ontario.

The Common Reporting Standard - What's in Store

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 of Canada, which will begin in 2018.

Keeping Things Up-To-Date

Putting estate planning documents in place can be a daunting task, but it does not end there. Estate planning is an organic process that requires ongoing attention and revision. Circumstances in your life will continue to change and your main objective is to ensure that your wishes and intentions are properly reflected in your plan and documents, both upon incapacity or death. What meets your financial and personal needs now may not do so in the future, so it is important to continue to review your documents, in particular when your circumstances change.

The New Non-Resident Speculation Tax and Estate Planning and Administration: What You Need to Know

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 to the Ontario and Toronto land transfer taxes. Although the NRST is subject to the approval of the legislature, it is currently in effect and applies to any agreements of purchase and sale entered into after April 20, 2017.

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