Top tax-saving measures for British Columbia estate planners

On Behalf of Porter Ramsay LLP | May, 20, 2022 | Wills And Estates

While most people think about retirement planning when it comes to the overall financial planning process, planning for what happens past that point is sometimes forgotten or put off. However, taking some time to put together a robust estate plan can save next of kin time and stress, but also sometimes money in the form of taxes. Here are some of the key moves British Columbia estate planners can make to reduce the tax burden on beneficiaries: Prepare powers of attorney: Most people have two powers of attorney, one for health and one for finances. Naming these individuals and communicating... View Article

ICBC reverses decision on pedestrian and cyclist damages

On Behalf of Porter Ramsay LLP | May, 12, 2022 | Personal Injury Law

When a pedestrian or cyclist is harmed on the road, the impact can be devastating. Not only can these individuals suffer serious injuries or even fatalities, but up until recently, British Columbia pedestrians and cyclists could face significant financial costs. Under the policy, individuals considered responsible, even partially, would be charged for damages in a motor vehicle accident, even if they themselves were not behind the wheel at the time.  Why did the ICBC change its mind?  The ICBC says it has revoked the policy in response to concerns raised by cyclists and consumer advocates. The policy has received recent... View Article

Who qualifies for spousal support?

On Behalf of Porter Ramsay LLP | May, 02, 2022 | Family Law

One of the most challenging aspects of post-divorce life is finding financial security on a single income. For this reason, it may be appropriate for a spouse facing divorce to seek spousal support. In British Columbia, some former partners even qualify for spousal support if they were not married. However, they have a limited amount of time to apply for this benefit after a separation.  Seeking support you deserve According to the Family Law Act, partners who were married or who lived together in a marriage-like relationship for two years or more may seek spousal support. However, it is important... View Article