The Senators in the playoffs, temperatures in the twenties, and tulips beginning to bloom…we think it is safe to say that spring has finally and truly arrived in Ottawa (although our friends to the west who have yet to put away their snow shovels may not agree). Another sure sign of spring is the bustling spring real estate market. This brings to mind changes to the principal residence exemption which were announced by the federal government last fall.
Generally speaking, when a capital property such as a home or cottage is sold, an individual is taxed on the increase (or ‘gain’) in the value of the property. The gain is calculated from the date it was acquired by the individual to the date it was sold. However, if the property disposed of qualifies as the individual’s principal residence, he or she can take advantage of the principal residence exemption to reduce or eliminate any taxes owing on the capital gain.
Generally speaking, elder abuse is any act that harms or threatens to harm someone who is 65 or older. Elder abuse can include physical, financial, emotional and sexual assault as well as neglect in the care of a senior. The results of a recent study on elder abuse are staggering:
- In 2015, more than 750,000 Canadian seniors were the victims of some form of abuse;
- Psychological abuse is the type most often committed with financial abuse as the second highest form of abuse;
- 37% of financial abuse against seniors is perpetrated by a child or grandchild with only 10% committed by a stranger;
- In most kinds of elder abuse, the perpetrator is more often a spouse, child or grandchild.
Given our aging demographics, it is expected that elder abuse will increase over the next few decades.
Is elder abuse a crime?
Today marks International Women’s Day. It is a day set aside on a global scale to celebrate the social, cultural, economic and political achievements of women around the world.
Shaping the Law in Canada
The law in Canada is no exception to the achievements of women. Human rights in particular have been shaped in large part by the efforts of women seeking equality in all facets of their lives. Here are but a few examples:
We are pleased to announce that on March 8, 2017 we will be participating in the Navigator Program’s ‘Estate Planning for Families with a Child with a Disability’. We will be co-presenting with Troy Mulvey and Lisa…
Let’s begin by identifying the key players. The individual who opens and manages a Registered Disability Savings Plan (‘RDSP’) is known as the ‘holder’. The holder is also responsible for making or authorizing contributions to the RDSP. The ‘beneficiary’ is the individual with a disability for whom the RDSP was established.
The rules surrounding who can be a holder and who becomes the holder when the beneficiary reaches the age of majority can be confusing. These rules are a combination of the provincial laws dictating the age of majority, general laws regarding a person’s competency to enter into a contract, and federal laws governing the setting up of RDSPs.
If you or someone you love is one of the over half of Canadian adults who don’t have a valid Will, take note. Not having a valid Will at death may lead to consequences which you would prefer to avoid.
Generally speaking, it is fair to say that in most circumstances the process of settling an estate is much simpler if the deceased leaves a Will. Not having a Will often translates into increased delays in handling the estate. For example, no one will be able to handle the deceased’s affairs until the Court has appointed someone to be the ‘Estate Trustee Without a Will’ (also known as the ‘executor’). This means that no one will have the authority to deal with any of the deceased’s assets, including a house, bank account, or car, until the appointment of an executor.
As we noted in our previous blog, just over half of all Canadian adults do not have a Will. We think it is probably fair to say that the majority of those Canadians without Wills are aware that they should have one. Anecdotally speaking, whenever someone finds out what we do, their first comment is generally an acknowledgment that they should get their Will done.
Perhaps part of the issue is not knowing where to start. Also, the process of having a Will prepared may itself seem overwhelming. And let’s face it, it is not easy to contemplate one’s death and how best to provide for one’s loved ones.
Follow these steps and start your Will today!
If you don’t have a Will or you have a Will but you know that it is out-of-date and should be updated, here are three simple steps to help get the ball rolling:
Did you know that November is ‘Make a Will’ month in Ontario? This is an initiative to encourage Ontarians to take the necessary steps in making sure they have a valid, up-to-date Will.
Recent surveys consistently reveal a staggering fact: just over half of all Canadian adults do not have a Will. Unfortunately, these studies generally don’t delve into the reasons why so many Canadians put their estate planning on the back burner.
Election day is finally over for our neighbours to the south and today the world awoke to Donald Trump as president of the United States of America. Yesterday at the polls, American voters were faced with a significant decision, one that will undoubtedly shape the future of North America. As with all of life’s important decisions, a vote for either candidate came with its own benefits and risks which had to be carefully weighed by the voters. Fortunately with some decisions, there are ways to manage possible risks. When making the significant decision to buy a house, you can reduce some of the possible risks by getting title insurance.
Even though title insurance has been popular in Ontario for the past fifteen years or so, it remains somewhat of a mystery to existing and prospective homeowners. When buying a property, be it a home or cottage, people generally recall signing a whole lot of legal documents, their lawyer getting something called title insurance, and being handed the keys on the day of closing. Few, however, recall the specifics of the title insurance they purchased and the vital role it can play should an issue with title arise.
Let’s have a look at some of the basics in an effort to clear up some of the mystery.
What exactly is ‘title’?
We often get asked this question from our estate planning clients at our law office in the Kanata-Stittsville area of Ottawa. In our experience, the concern usually stems from the desire to know that the inheritance will be able to be passed down to grandchildren rather than being shared with an ex.
In short, the answer to the question is, maybe. It all depends upon what your son or daughter chooses to do with the inheritance.