Archive for the ‘Joint Tenancy’ Category

Court of Appeal: Promise to Gift House to Son Unenforceable

Tuesday, April 22nd, 2014

The recent Ontario Court of Appeal decision in Kavanagh v. Lajoie serves as a reminder to folks on the receiving end of a promise not to count their chickens before they are hatched. In 2005, Mark Lajoie’s father promised to gift him a house in Ottawa.  The father then transferred title ...

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 ...