Facts & commentary
On March 22, 2017 (“Budget Day”), federal Finance Minister Bill Morneau tabled the Liberal government’s second budget since the October 2015 election. The budget, titled “Building a Strong Middle Class,” focused primarily on innovation with the goal of building a nation that is both inclusive and innovative.
The law in Quebec recognizes three types of wills: notarized, holograph and before witnesses. Each type of will is subject to various conditions. Each person must have their own will. Couples are not permitted to have a joint will. The only exception is the testamentary provision in a marriage or civil union contract under which the spouses appoint each other as their respective heirs.
Can an individual contribute to his or her spouse (or common-law partner’s) TFSA? Where an amount is gifted or transferred from an individual to his or her spouse for contribution to the spouse’s TFSA, are there attribution rules that would see future income or capital gains taxed to the transferring spouse?