Real Estate

Total 94 Posts

Non-Resident and Rental Income – Not so Fast.

• • 0 Comments

When a non-resident of Canada generates rental income from a Canadian rental property, the tenant (or agent for the non-resident) must withhold 25% of the gross rental payment (unless a tax treaty reduces the withholding rate) and remit it to the Canada Revenue Agency by the prescribed date. It’s important to note that no deductions nor credits are permitted thus, the withholding is on the full rental payment. Rental Income….

Non-Resident and Rental Income – Not so Fast. Continue Reading »

Estate Planning, Real Estate, Tax Issues, Trustee

Trustees Holding Title to Real Property: It Used to be Simpler

• • 0 Comments

Trustees holding title to real property jointly with right of survivorship should make estate succession efficient and inexpensive. But recent changes implemented by the Director of Land Titles are challenging that notion…..

Trustees Holding Title to Real Property: It Used to be Simpler Continue Reading »

Cottage, Estate Planning, Fiduciary Professions, Joint Tenancy, Property, Real Estate, Succession Planning, Trustee, Trusts

Section 116 and Capital Distributions by Trust to Non-Resident

• • 0 Comments

When a trust makes a capital distribution to a non-resident beneficiary, the beneficiary is deemed to have disposed of a part or the whole of their capital interest in the trust.[2] Where the capital interest in the trust is “taxable Canadian property” (“TCP”),[3] the vendor of the TCP (i.e. the beneficiary who is deemed to be “disposing” of their interest in the trust) must apply for a clearance certificate from the Canada Revenue Agency (the “CRA”) under section 116, either in advance of the disposition or within 10 days of the disposition…..

Section 116 and Capital Distributions by Trust to Non-Resident Continue Reading »

Canada Revenue Agency, Cottage, Estate Administration, Executors, International, Property, Real Estate, Tax Issues, Trusts

Taking Back Control of Real Property

• • 0 Comments

It is important to consider estate planning objectives when entering into real estate transactions. For example, a client may intend to retain control of real property in that they intend to be able to dispose of it on death. However, if the relevant estate planning objectives are not identified and considered at the time of the transaction, other goals may be prioritized instead; this may result in the structure of….

Taking Back Control of Real Property Continue Reading »

Estate Administration, Estate Planning, Property, Real Estate

No good deed goes unpunished by the CRA

• • 0 Comments

Part I – Personal Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP Gifting property or making loans to family members is a common way for individuals to transfer and share their wealth with their loved ones. There are, however, several rules in the Income Tax Act (Canada)[1] (the “Act”), commonly referred to as the attribution rules, which prevent or restrict an individual from “income splitting”…..

No good deed goes unpunished by the CRA Continue Reading »

Canada Revenue Agency, Estate Planning, Real Estate, Tax Issues, Uncategorized

Joint tenancy: a cost-effective or costly measure to save on probate fees?

• • 1 Comment

This blog has been written by Mohena Singh, Associate at Fasken LLP As an estate planner, one of the most common questions I am asked is, “How do I transfer my house or cottage to my family without paying estate administration tax?” A common way we have seen individuals attempt to accomplish their goal of transferring real property without paying estate administration tax (also known as “probate fees”) is by….

Joint tenancy: a cost-effective or costly measure to save on probate fees? Continue Reading »

Estate Administration, Estate Planning, Joint Tenancy, Probate Tax, Real Estate, Wills
Scroll to Top