Real Estate

Total 94 Posts

Actions Have Consequences – They May Sever Joint Tenancy

• • 0 Comments

Leaving aside other means of severance, including that which occurs on bankruptcy or by judicial sale, there are three main ways to sever a joint tenancy: Unilaterally acting on one’s own share, such as selling or encumbering it; A mutual agreement between the co-owners to sever the joint tenancy; and Any course of dealing sufficient to intimate that the interests of all were mutually treated as constituting a tenancy in….

Actions Have Consequences – They May Sever Joint Tenancy Continue Reading »

Estate Administration, Estate Litigation, Estate Planning, Executors, Family Conflict, Joint Tenancy, Property, Real Estate, Spouse

HOME BUYER’S PLAN AND TAX CREDITS AFTER THE DEATH OF A SPOUSE

• • 0 Comments

During her marriage, a spouse inhabited a home wholly owned by her husband. He passed away and the house became an asset of the estate. Subsequent to her husband’s passing, the spouse purchased a new property. She had not re-married or entered into any common law partnership. Is the spouse (taxpayer) be eligible for the home buyers plan and the first-time home buyers’ tax credit? In a recent technical interpretation….

HOME BUYER’S PLAN AND TAX CREDITS AFTER THE DEATH OF A SPOUSE Continue Reading »

Canada Revenue Agency, Estate Administration, Investments, Joint Tenancy, Real Estate, Tax Issues, Uncategorized

Clash of the Limitation Periods

• • 0 Comments

The Limitations Act, 2002, SO 2002, c 24, Sch B, brought order and clarity to limitation periods in Ontario. However, the Limitations Act did not displace all existing limitation periods established by statute. The Limitations Act carves out several exceptions, including the Real Property Limitations Act, RSO 1990, c L.15 and s. 38(3) of the Trustee Act, RSO 1990, c T.23 (see ss. 2(1)(a) and 19(1) of the Limitation Act)…..

Clash of the Limitation Periods Continue Reading »

Estate Administration, Estate Litigation, Estate Planning, Executors, Family Conflict, Property, Real Estate, Spouse, Succession Planning, Trusts, Wills

Transferring Wealth During Your Lifetime

• • 0 Comments

I was reading recently that approximately $30-trillion in assets will be shifting from one generation to the next across North America in the next few decades, according to consulting firm Accenture. A couple of years ago, I wrote about gifting cash or assets during one’s lifetime as an alternative method of distributing your wealth and possibly avoid taxes at time of death. Though there is no inheritance tax in Canada….

Transferring Wealth During Your Lifetime Continue Reading »

Business Succession Planning, Estate Planning, Investments, Loans, Philanthropy/Charitable Giving, Probate Tax, Real Estate, Succession Planning, Tax Issues, Trusts, Uncategorized

Resulting Trusts and Summary Judgment Motions

• • 0 Comments

With its sandy beaches, hiking trails, canoe routes, and wildlife, the Town of Wasaga Beach is a well-loved Ontario vacation destination. However, no town, however idyllic, is immune to lengthy property disputes, especially when the two people fighting are related to each other. Brother A and Brother B were at odds with each other over the beneficial ownership of a house in Wasaga Beach. Brother A was on title to….

Resulting Trusts and Summary Judgment Motions Continue Reading »

Compensation, Cottage, Family Conflict, Loans, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trustee Compensation, Trusts

Gift of Ecologically Sensitive Lands and the Carryover period for charitable donation deduction

• • 0 Comments

In Yellow Point Lodge Ltd. v, The Queen DTC 1130, the Company owned certain lands on Vancouver Island, mostly undeveloped and in its natural state. In June 2008, the Company granted a covenant and other specified legal interests with respect to a parcel of ecologically-sensitive land, to two organizations, with estimated fair market value in excess of $5 million. Initially, the Company did not claim a deduction in respect of….

Gift of Ecologically Sensitive Lands and the Carryover period for charitable donation deduction Continue Reading »

Canada Revenue Agency, Estate Administration, Estate Donations, Estate Planning, Real Estate, Tax Issues, Uncategorized, Wills
Scroll to Top