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March 2015 Archives

Lawsuit against Desmarais estate a reminder to get it all in writing

Shortly before his death in 2013, Ontario native and billionaire Paul Desmarais gave his older brother Louis $5 million. This wasn't a gift, says the elder Desmarais in a recent lawsuit. The money was a partial payment related to an agreement the brothers struck back in 1979.

Financial planning to meet your estate planning goals

If you have significant assets that you want to see grow and mature, then a financial advisor can be a great help, particularly with the technical aspects of your investments. It is also important to stay informed and be aware of what your financial advisors are doing.

How can I reduce my estate's exposure to taxes and other costs after my death?

When a person dies, his or her debts must be paid before any estate assets are passed on to a spouse or heirs. Common debts that must be settled are funeral expenses, taxes on Registered Retirement Savings Plans, taxes on capital gains and the estate administration tax, which in Ontario is nearly 1.5 per cent of the estate's value.

Business succession and other benefits of setting up a Canadian trust

There are many different kinds of Canadian trusts, and they can be beneficial in a variety of ways. Because a trustee has a fiduciary duty to manage the trust properly, it is important for any trustee to understand specifically what kind of trust it is and what it can do. Also, trustees must ask themselves, "What are the goals and needs of the trust creator and the beneficiary?"