August 15, 2018

Ontario Disability Support Program and Inheritance

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How will an inheritance impact your income support from ODSP?

Any money, property or possessions that you receive can affect your eligibility for, or the amount of money you receive from, Ontario Disability Support Program. This includes anything you may inherit from someone who has passed on. Some inheritances will be exempt and will not have an effect on your ODSP eligibility or amount. [Read more…]

ODSP Eligibility and Income

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ODSP ELIGIBILITY AND INCOME

The Ontario Disability Support Program provides eligible people with disabilities with income support to pay for living expenses such as food and housing. Eligibility for this program, as well as the amount of income support you can receive, is directly affected by a person’s income. [Read more…]

Estate Planning and Separation

SEPARATION AND THE IMPACT ON ESTATE PLANNING

It is important to review your estate planning upon separation from your spouse. Separation by itself will not have an effect on your Will or the distribution of your estate. Some of the things to consider and discuss with your lawyer are:

  1. You should consider revoking your Will and Powers of Attorney and making new ones right away, and possibly another Will when matters with your spouse are resolved;
  2. If you do not have a Will, you should consider preparing one;
  3. If you own property with your spouse as joint tenants, including your matrimonial home, you should consider the advisability of severing the joint tenancy;
  4. You should consider changing your beneficiary designations for life insurance policies, RRSPs, etc. [Read more…]

A Family Meeting and Estate Planning

A Family Meeting can be an effective component of Estate Planning. If you have a complex Estate or you will be creating an imbalance in the division of your assets amongst your children, a Family Meeting can be useful in helping the family to understand the ins and outs of your Estate and the decisions you are making.

[Read more…]

Alternate Executors and Beneficiaries

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ALTERNATE TRUSTEES AND BENEFICIARIES

Many people who seek to have their Wills drafted are adults whose children have already reached the age of majority and moved away from home. In cases such as these, many people would question the need to have an alternate estate trustee or beneficiary if they name their independent adult child to those roles. However, it is important to consider the possibility that if only one estate trustee or beneficiary is selected, and that person dies before the person who made the Will, then there is no one to act as the trustee or inherit the estate. [Read more…]

Appointment of Guardians of Children in Your Will

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Parents who have children under the age of majority will naturally want to provide for them in their Wills. In addition to arranging their inheritance, most parents will want to name a guardian for their children should both parents die at the same time or if a parent is in a single-parent situation. [Read more…]

Incorporating Your Business: Liability Considerations

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There are many positive reasons to incorporate your business or professional practice. The main reason lawyers recommend clients consider incorporating is to limit personal liability with respect to the corporation’s actions. Unlike a sole proprietorship or a partnership, a corporation is a separate legal entity. Often shareholder’s liability exposure in a corporation is limited to the amount they have invested in the corporation, thereby protecting their personal assets. [Read more…]

Automatic Revocation of Wills

AUTOMATIC REVOCATION OF WILLS IS MANDATED BY LAW IN ONTARIO

There are situations where a validly drawn will can be automatically revoked with no express intention on the part of the owner of the Will. The two most common situations where this occurs are marriage and divorce.

[Read more…]

Estate Planning for Farm Property

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CAPITAL GAINS ARE HANDLED DIFFERENTLY WITH FARMLAND

When an individual dies any farmland they own is treated differently than land containing that individual’s principle residence. On the death of a taxpayer, farmland can be transferred (sold) on a rollover basis at the adjusted cost base (ACB), or at any price up to fair market value (FMV). A rollover means the transaction of transferring (selling) the farm takes place without any tax being payable immediately. This is beneficial because normally capital gains tax is payable when a business changes hands, and farming operations usually do not have a lot of cash on hand compared to assets like equipment, vehicles, and crops. [Read more…]

Accessing the Canada Pension Plan

CANADA PENSION CHILDREN’S BENEFIT

A child who has lost at least one parent who was a CPP contributor may qualify for the CPP Children’s Benefit.

A child is defined as being under the age of 18 or being between the ages or 18 and 25 and in full-time attendance at school or university. The monthly children’s benefit is a flat rate that is adjusted annually. A child may get up to 2 benefits if both parents paid into the CPP for the minimum number of years (3) and each parent is either disabled or deceased. [Read more…]