All About Estates

Category: Joint Tenancy

Total 19 Posts

Life Insurance Joint Tenants[1]

I think it is fair to say that joint ownership of property[2] is one of the most commonly used strategies for property ownership in the context of developing an estate plan.  Like any form of partnership, there are many issues to consider in jointly owning property.  In the context of…

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Domestic Contracts After Death

Interesting things happen when family law and estates collide. Battles over domestic contracts and houses lead to discussions of past mistakes, life experience, and occupation rent. Such was the case in Psarros Estate v Cook. As with many estates litigation cases, the Court was asked to determine a broad range…

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GIFTS – Some Additional Thougths

Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in…

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JOINT TENANCY AND PROBATE AVOIDANCE – A QUICK REVISIT

When developing estate plans for clients with property of a capital nature (real estate, marketable securities being a couple of examples), one of the questions I get asked more often than not is: How can I avoid probate? Can I just put someone else’s name on a document so it…

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Promises, Promises…or is that Expectations, Expectations?

This Blog was written by: Gosha Sekhon, LLB A not uncommon occurrence these days finds single adult children residing with an elderly, surviving parent. The parent, more often than not, requires some assistance with their health care, household tasks and the management of their financial affairs. Usually the co-habiting child…

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ATTRIBUTION RULES AND PLANNING REVISITED

Recently the Canada Revenue Agency (the “CRA”) issued a technical interpretation on the application of the income attribution rules under the Income Tax Act (“ITA”) which serves as a good primer particularly when a personal representative is looking at the deceased’s prior year returns with joint accounts and the potential…

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A Gift or not a Gift? That is the Question

Many people transfer assets to an adult child, but they often do not clearly express why they have done so. The transfer may be meant as a gift, a way of avoiding probate fees, or to simply allow access to a bank account so that their child may help manage…

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Principal Residence Exemption and some of the “What if’s”

In my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the…

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PRINCIPAL RESIDENCE EXEMPTION AND BENEFICIAL OWNERSHIP – AN UPDATE

We know that if a property qualifies as a principal residence, an exemption can be claimed to reduce or eliminate any capital gain otherwise realized on the disposition of the property. Under the Income Tax Act, one of the requirements for a property to qualify as a taxpayer’s principal residence…

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Principal Residence – Duplex or Intergenerational House

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.

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