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Estate Management 101 Checklist

The following is a list created to assist you in managing the affairs of deceased individual. It is imperative that you start working through this list as soon as possible as some of the procedures you will request will take time for the various organisations contacted to process.

Estate Freeze as an Estate Planning Tool

An estate freeze is one of the more common estate planning tax strategies. When an individual shareholder holds shares of a private corporation, a ‘freeze” can be used to lock in the current value of the individual’s estate, which ultimately defers tax when the shares of the company pass to the next generation.

Estates and Trusts: Making it Easier for Your Succession

We often think about our legacy and what we will leave our loved ones when we are gone, but we don’t often consider who will pick up the pieces or the work that will be involved. There are several things that can be done in order to simplify the process for those tasked with managing your estate.

COVID-19 | Family Trusts Important Changes

Often, for tax planning or other purposes trusts are created, for example, to own shares of private corporations. Until this year, these and other similar trusts were not required to file an annual trust tax return. As of 2021, all trusts, with a few exceptions, will be required to report the identity of all trustees, beneficiaries, and settlors of the trust.

How to Protect Yourself as the Liquidator of an Estate

Did you know that as the liquidator of an estate you have a certain amount of liability, such as legal possession of all the deceased’s property AND responsibility for the payment of all debts to the date of death, notably income tax? Once you have filed the final tax returns for the deceased what’s your […]

Income Splitting for Tax Purposes

Over the last while the tax authorities have shut down many of the last “acceptable” income splitting plans.
One of the few remaining is perhaps the simplest, a loan from a spouse in a higher income tax bracket to his or her spouse who is in a lower income tax bracket.

11 Situations When a Will Would be Handy

We have now reached the second decade of the twenty first century. In the last few years, we have seen many changes to the traditional family structure. Common law couples, same-sex couples, blended families and other options are much more common. Although Quebec law dictates how certain assets such as the family home must be […]

Wills & Graduated Rate Estates

Effective January 1, 2016, substantial changes will be made to the tax treatment for Estates and Trusts. Currently, a trust created under a will (a “testamentary trust”) is eligible for the same graduated rates of tax as are individual persons. An election is available to tax income in a trust to take advantage of those […]