October 2020

A recent Ontario court decision could upend estate planning. This article will briefly review the common law principles governing the gratuitous transfers of property, the Supreme Court of Canada (“SCC”) decision in Pecore v. Pecore, 2 and how this decision has been applied in Calmusky and other recent court decisions to override transfers pursuant to beneficiary designations. This article will also discuss steps that can be taken to ensure that a beneficiary designation in favour of adult children (and other adult beneficiaries) will be respected by the Courts.

By Carey Lee, CPA, CA, Business owners typically consider tax planning at a time when their businesses are flourishing and their wealth is increasing. However, the COVID-19 pandemic — and the ensuing economic downturn — may also provide planning opportunities that can improve their tax situation. Let’s discuss how business owners may achieve tax savings in the long run by implementing an estate freeze or a refreeze during an economic downturn, as well as the insurance opportunities they present.

By Carol Neuss Thanks to a clampdown on drunk driving, more use of seatbelts, and cars equipped with airbags and the technology to help avoid accidents, the number of deaths due to motor vehicle accidents has decreased over the past few decades. However, the risks of mortality and morbidity related to drunk driving are still essential risk factors to assess when underwriting insurance applicants.