Real Estate

Total 94 Posts

DEEMED TRUST: TAX DEBTS AND PROCEEDS OF INSURANCE

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In Canada (A.G.) v Nortip Development 2019 NLCA 34, a company fell behind in remitting payroll withholdings and related amounts for several periods over a two-year period to the Canada Revenue Agency (“CRA”). Around the same time, a property with a mortgage owned by the same company, was destroyed by fire. A portion of proceeds of insurance on that property (equal to the amount owed to the CRA) were claimed….

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Canada Revenue Agency, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized

Tenancy and Equitable Ownership – You Can Have it All!

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Can you be a tenant and an equitable owner of a property? Absolutely! Read how you can have it all in Warraich v Choudhry et al, 2019 ONSC 2656. In March 2012, Choudhry purchased a property for $519,000.00. In April 2012, Warraich, one of Choudhry’s friends, moved into the property with his family. As sometimes happens, the friendship broke down. When he was asked to move out, Warraich commenced an….

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Joint Tenancy, Property, Real Estate, Resulting Trust, Small Business, Trusts

The Life of Pipeline Transactions: The Beat Goes On

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In the past few years, many associated with this blog have written about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Again, and briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing the high adjusted cost base resulting from the capital gains realized on death, rather than as a distribution in the….

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Canada Revenue Agency, Estate Planning, Investments, Property, Real Estate, Small Business, Tax Issues, Trusts

Ontario’s Non-Resident Speculation Tax – A Cautionary (Trust) Tale

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This post reviews the Ontario “Non-Resident Speculation Tax” (“NRST”), and draws attention to an important possible effect to be aware of on land conveyances involving trusts in the province.  This post is a refresher and update to Corina Weigl’s post in June, 2017, which was posted shortly after the proposal for the tax was released as part of Ontario’s Fair Housing Plan[1] in April, 2017. THE NON-RESIDENT SPECULATION TAX (“NRST”):….

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Real Estate, Trusts

Isle of Trusts

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Spring is (kind of) here and summer is (hopefully) around the corner.  Like every year, Torontonians will no doubt soon make their way to the Toronto Islands during the summer weekends.  A group of 15 islands interconnected by pathways and bridges in Lake Ontario, the Islands are approximately 15 minutes away by ferry from downtown Toronto.  With its beaches, activities, and nature paths, it’s a popular spot for Torontonians to….

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Estate Planning, Property, Real Estate

When is a Gift not a Gift?

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Styres v. Martin 2018 ONCA 956 is a case of a gift that unfolded a saga (not over yet and far from it) of diminished capacity, alleged breach of trust, breach of fiduciary duty, unjust enrichment, undue influence to name a few. Mr. Styres lived in a house he built on land given by his father, for about 20 years, when in 1998, he suffered a very serious brain injury….

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Capacity Law, Caregiving, Disability, Estate Litigation, Power of Attorney, Property, Real Estate, Resulting Trust, Trusts, Uncategorized, Undue influence
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