Estate Planning

Estate Planning

Intestacy throughout Canada

Many Canadians do not have a will and the distribution of their estate will be decided by the laws of intestacy, a government-imposed formula. This chart describes the rules of intestacy in each province and territory of Canada.

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Tax-efficient Investing

Formal trusts, real property and the principal residence exemption

Many Canadians consider a living trust when creating their estate plans. More commonly known as inter vivos trusts, the trusts can be effective in reducing estate administration fees, avoiding complex estate settlements and ensuring confidentiality on death of its settlor. In some cases, these benefits can extend to a principal residence transferred to the trust. This article discusses the availability of the principal residence exemption on sale of a home by a trust, and where the exemption is not available, the taxation of accrued gains both at the time of sale and at death.

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Estate Planning

Executor and trustee investment duties

As fiduciaries, executors and trustees owe numerous duties to both the estate and to its beneficiaries. CI’s Tax, Retirement and Estate Planning team website, TREP@ci.com contains a checklist for executors outlining over 40 distinct duties, and no less onerous are the duties of a trustee. This article addresses a particular trustee duty, namely the duty to invest the trust property.

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Estate Planning

Consider the limits on a power of attorney in making changes to client accounts

Bob has made an appointment to see Maria, a financial advisor. Maria has not met Bob before but for some reason his name rings a bell. As it turns out, Bob is the power of attorney for his Aunt Gertrude, a long-term client of Maria’s. Bob tells Maria that his aunt has recently been declared incapable of managing her financial affairs and he is her power of attorney.

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Estate Planning

Investing within a Trust

Providing investment advice for the funds held in a trust is subject to statute law and judge made law.   Advisors and Trustees should understand these rules to avoid potential liability.  This article  provides an overview of those unique rules

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Estate Planning

Investing in a Trust - What you need to know

From an Advisor’s perspective providing a Trustee with investment recommendations can prove challenging. In this webcast we will discuss some of the things an Advisor should consider when providing investment recommendations to a Trustee.

Building and maintaining an up-to-date and tax efficient estate plan ensures clients’ property and health care wishes are honoured when they become incapable and also provides their wishes are documented and honoured after death. In order to fully maximize an estate plan an understanding of the tax, trust and estate rules is essential.