Archive for the ‘Joint Tenancy’ Category

Principal Residence – Duplex or Intergenerational House

Tuesday, June 7th, 2016

The Canada Revenue Agency (CRA) was asked if a duplex occupied by a taxpayer and her aging parent could be treated as the daughter's (taxpayer) "principal residence" for the purpose of claiming the principal residence exemption from the capital realized on the sale of the duplex at a later date. It ...

Gifting and Incapacity – A Cautionary Tale

Friday, October 30th, 2015

Edward Foley was a dairy farmer.  In the last years of his life, he suffered two strokes.  Edward’s daughter, Dorothy, was his attorney for property.  After his second stroke, Dorothy managed her father’s banking and general finances for the rest of his life.  However, she did not manage his investment ...