Archive for the ‘Joint Tenancy’ Category

Estate and Trusts with Foreign Properties and/or Transactions: Reporting Implications

Thursday, January 23rd, 2014

The Income Tax Act (“ITA”) requires persons and partnerships to file information returns in respect of foreign property ownership and transactions with non-residents. This extends to trusts and estates. Those who file such a return late or do not file one on demand are liable to a penalty or penalties. ...

BENEFICIAL OWNERSHIP AND DEEMED DISPOSITIONS: A CAUTIONARY TALE

Friday, December 13th, 2013

The Canada Revenue Agency (“CRA”) was recently asked to provide a ruling on the legal disposition of capital property in a specific fact situation. The ruling provided a cautionary reminder to trustees and executors when determining ownership of capital property for tax purposes. Briefly, a woman purchased a house that she ...

Is a gift of real property really a gift?

Friday, November 22nd, 2013

In the recent Saskatchewan case regarding the Estate of Gladys May Lyell (Lyell Estate), the court reviewed Pecore and considered whether an express statement in a will can undo a transfer to joint tenancy. Gladys, many years before she passed away, transferred her condo to her granddaughter and herself as joint ...