Saturday, January 28, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Personal Finance

Are fees payable for acting as a power of attorney in Ontario?

Updates Finance by Updates Finance
July 19, 2022
in Personal Finance
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Want to Go Electric? This Gas Stove Rebate Saves You $840

Shannon Lee Simmons defines “emotional return on investment” and her take on personal debt

[Limited Time] IHG Cards Offer Best-Ever Bonus

The fee scale is currently:

  • 3% of capital and income receipts
  • 3% of capital and income disbursements
  • 0.6% of the annual average value of the assets

These amounts are not guaranteed, however, and they can be decreased or even increased by the court. 

According to the Substitute Decisions Act, compensation may be taken monthly, quarterly or annually. You should contact the current attorney for property to raise this with them as a starting point. 

Even if it has been a long time since you acted, Audrey, there may not be a limitation period to worry about. In terms of citing a precedent for this, Armitage v. The Salvation Army, 2016 ONCA 971 involved an application for compensation in 2013 for acting as an attorney as far back as 1990, 23 years prior to the request. 

Specifically, the judge found that the two-year limitation period under the Limitations Act “does not apply because compensation for an attorney for property through the passing of accounts process does not constitute a ‘claim’ within the meaning of the Limitations Act, 2002.”

An attorney for personal care can make a request for compensation to an attorney for property. There is no fee scale as is the case with an attorney for property. The request should be reasonable given the circumstances. 

It bears mentioning that an attorney for property or personal care is not required to act and can decline or resign. It is an important reason to make sure you speak to someone before naming them in an estate document like a POA or a will. 

Power of attorney fees and taxes in Ontario

Fees payable to an attorney are considered taxable income. If you are not in the business of providing POA services, the income should be reported on a T4 slip and be subject to source withholding taxes. 



Source link

Tags: ActingAttorneyFeesOntariopayablepower
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

Want to Go Electric? This Gas Stove Rebate Saves You $840

by Updates Finance
January 28, 2023
0

The debate about switching from gas stoves to electric cooktops has been heating up lately on social media. So what’s the firestorm of controversy about? In short, state...

Read more

Shannon Lee Simmons defines “emotional return on investment” and her take on personal debt

by Updates Finance
January 27, 2023
0

Three-time author, founder and Certified Financial Planner Shannon Lee Simmons is no stranger to going off-budget—and she’s not afraid to talk about it. After quitting her Bay Street...

Read more

[Limited Time] IHG Cards Offer Best-Ever Bonus

by Updates Finance
January 27, 2023
0
[Limited Time] IHG Cards Offer Best-Ever Bonus

Who doesn't love a free hotel night? As of Jan. 26, 2023, both the IHG® Rewards Traveler Credit Card and the IHG® Rewards Premier Credit Card have upgraded...

Read more

Why Separate Bank Accounts in Marriage Might Make Sense

by Updates Finance
January 27, 2023
0

If you’re married or living with your significant other, there’s a lot you share. Your home. Your weekend plans. Perhaps even a kid or two. But just because...

Read more

Mortgage Delinquency Rates Record Low – Is This the Calm Before the Debt Storm?

by Updates Finance
January 27, 2023
0

The U.S. housing market partied hard in 2021 and early 2022, as record-low mortgage rates and pandemic-induced demand set off vicious bidding wars and sent home prices soaring. ...

Read more
Next Post

Socialists' Claims About Capitalism 3

Related News

securities and exchange board of india: Unauthorised investment services: Sebi bans The Profit Sharing, proprietor from market

September 1, 2022

Fundamental Analysis of Bharti Airtel

September 21, 2022

Moscow mayor says draft complete, St Petersburg fires call-up chief By Reuters

October 17, 2022

Browse by Category

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Recent News

  • Increasing capacity, tax remission essential to capture markets vacated by China, says EEPC 
  • Best Juicer of 2023 – CNET

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?