News & Publications

Estate Trustee & Henson Trusts

Daniel Strickland Quoted in Canadian Lawyer Magazine

Written by on October 21, 2015.

Daniel Strickland was recently quoted in Canadian Lawyer Magazine for his knowledge about estate planning for people with special needs. By Marg Bruineman Looming changes to the Income Tax Act introduce a “whole new world” to the future of estate planning in Canada, calling into question the value of the use of trusts as a tool to achieve tax savings on investments. There are also concerns that one of the changes is misdirected and could have unintended consequences. “They will ch...

The Consent and Capacity Board Cannot Appoint a Guardian of Property

Written by on October 09, 2015.

A recent article in the London Free Press[1] discussed the difficulty a local woman is experiencing in attempting to deposit a settlement cheque issued on behalf of her incapable brother. The article refers to a process whereby the individual would not have to become her brother’s official guardian for property, but could instead be appointed by a local tribunal within a matter of weeks in order to have the authority to negotiate the cheque on his behalf. However, from further investigat...

Qualified Disability Trusts

Written by on May 08, 2015.

On December 16, 2014, Bill C-43, Economic Action Plan 2014 Act, No 2 received royal assent. The Bill implements several tax measures included in the 2014 federal budget. The changes will come into effect January 1, 2016 and will have a significant impact on estate planning, specifically the taxation of testamentary trusts.  What is a testamentary trust? A testamentary trust is a trust, for the benefit of another, established by a person as a result of his or her death. Testamentary trusts hav...

RDSPs: working with Henson Trusts

Written by on March 05, 2015.

Prior to the introduction of the Registered Disability Savings Plan (RDSP) in 2008, the most prudent financial planning tool for parents with a child suffering from prolonged and severe disabilities was the Henson trust. RDSPs have not made the Henson trust obsolete; it can be used jointly with the RDSP to optimize the long-term savings opportunities. Trusts A trust is a legal arrangement whereby property is held by one person (the Trustee) for the benefit of another (the Beneficiary). A trust...

Proposed legislation will end preferential tax treatment for Testamentary trusts by 1 January 2016

Written by on November 24, 2014.

In October 2014, the Federal Government tabled a Notice of Ways and Means Motion to implement changes to the Income Tax Act (‘ITA’) proposed in the 2014 Federal Budget. The government first disclosed its concern about perceived abuses of the tax treatment of testamentary trusts in the 2013 Federal Budget. The proposed changes affect testamentary trusts and grandfathered inter-vivos trusts.[1] Testamentary trusts are an estate planning tool that arise upon the death of an individual. The...

The Disability Tax Credit – Do You Qualify

Written by on November 20, 2014.

In light of recent proposed changes to the tax treatment of testamentary trusts, those planning for the future care of Canadians with severe disabilities must understand the rules for Disability Tax Credit eligibility. The tax savings and other benefits allowed for those that qualify are far too significant to be over looked. This article reviews the rules for applying and qualifying for the Disability Tax Credit. Disability Tax Credit The Disability Tax Credit (DTC) is a non-refundable tax ...

Contributing to your RDSP

Written by and on September 30, 2014.

The Registered Disability Savings Plan (RDSP) is a government assisted savings vehicle introduced in the 2007 Federal Budget as response to recommendations by the Expert Panel on Financial Security for Children with Severe Disabilities. The plan is available for individuals that qualify for the Disability Tax Credit (DTC) and is intended to help ensure the financial security of an individual with a severe disability when parents and grandparents are no longer available to provide support. Who c...

RDSPs: Who is eligible and what are the benefits?

Written by on July 15, 2014.

The Registered Disability Savings Plan is an important tool for Canadians with severe disabilities. These accounts provide long-term financial security for individuals with a severe disability and who qualify for the Disability Tax Credit. This article explains the main benefits of an RDSP and why it is preferrable to other government assisted savings vehicles. The Registered Disability Savings Plan (RDSP) is a government assisted savings vehicle introduced in the 2007 federal budget as respons...

Wills, Trusts and Estate Planning for People with Disabilities and their Families

Written by and on June 01, 2014.

Introduction Families are very familiar with positive planning processes that are focused on helping their child with disabilities to have a good life. You may have had help by many people in your unique situation to develop a good plan: extended family and friends, members of your child’s support circle, other families in similar circumstances, or facilitators. In order for your plan to continue after you are gone, it is also necessary to develop a will and estate plan. Your lawyer’s resp...