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Recent Posts:
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PLZ Law Blog
Category Archives: Business Succession
Legislature Challenged to Rewrite Prostitution Laws
Date: December 4, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Ontario prostitution laws have been temporarily upheld by a court in Ontario, which presents a timeline, and a challenge, for the legislature to rewrite the laws to protect sex-trade workers. In a decision that was released on Thursday, the Ontario Court of Appeal granted the temporary stay on an earlier court ruling striking down three ...
ESTATE ADMINISTRATION: Advising the Surviving Spouse
Date: November 17, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
The precise nature of the executor/trustee/personal representative’s obligation to advise the surviving spouse is not clear. If the estate trustee is responsible only to the estate and its beneficiaries, he or she should not be required to tell the surviving spouse of the potential rights he or she may have under the Family Law Act (“FLA”). However, ...
ESTATES & EQUALIZATION: How the Courts can enforce your Family Law rights
Date: November 3, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Court Orders The court has extensive powers to enforce the equalization order, Family Law Act (FLA) section 9. It can order: Money to be paid; Security to be given; Payment to be deferred for, or made in instalments over a period of up to 10 years; Transfer of property in specie; or Partition and sale ...
ESTATES & INTESTACY: Spousal statutory rights when there is no Will
Date: September 23, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Continuing the discussion of the effects of a Family Law election on various aspects of estate administration; its effect on intestacy is now reviewed. Effect on Intestacy In an intestacy (where a spouse dies without a will), either partial or total, the election in favour of an equalization claim (FLA, subsection 6(9)) will result in ...
ESTATES & EQUALIZATION: Spouses electing their Family Law rights and the consequences thereof
Date: September 23, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
It cannot be stressed enough how important it is for the surviving spouse to establish his or her entitlement to insurance proceeds and to survivorship benefits under pension and similar plans arising on the death of the deceased spouse. With this in view, the surviving spouse, who makes his or her decision on the basis ...
ESTATES & EQUALIZATION: How can a spouse elect his/her family law rights over a Will
Date: September 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
The Equalization Claim A right for the surviving spouse to make an equalization claim under the Family Law Act (“FLA”), subsection 70(1)(b), is possible only due to the death of a spouse on or after March 1, 1986. It is said in subsection 5(2) of the FLA that when a spouse dies, if the NFP ...
ESTATES & NFP: How your estate will be impacted by your spouse’s statutory rights
Date: September 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
The Impact of the Family Law Act on Estate Administration The administration of estates became very complicated with the enactment of Ontario’s Family Law Act (“FLA”) in 1986. Before that, the lawyer was to advise an estate trustee that the only statutory claim to interfere with the testate or intestate distribution of the deceased’s assets ...
TRUSTS & ESTATES: How your Beneficiaries are taxed
Date: September 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Taxation of Beneficiaries Under subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a beneficiary is taxed in the hands of that beneficiary. In order to avoid double taxation, the trust or estate is allowed a deduction for an equivalent amount. This ...
TRUSTS & ESTATES: Transfering assets to your spouse or children
Date: September 22, 2010 | Author: Jeff Levy, HBSc, MBA, CFA, AMP, JD
Trusts and Attribution The attribution rules for trusts, transferors, and so on are given in Subsections 74.1(1) and 74.2(2) of the Canadian Income Tax Act (“ITA”). These rules are meant to attribute back to the transferor any income or capital gains generated from property transferred at less than fair market value consideration or for no ...
