All About Estates

Category: Real Estate

Total 31 Posts

The Wild West of Beneficial Ownership

This Blog was written by: Peter Meitanis WANTED: The Beneficial Owners of Real Estate in British Columbia If you’re a fan of movies about the Wild West, you’ll know that many plotlines revolve around a mysterious stranger coming to town. But in British Columbia, the mysterious strangers aren’t riding into…

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Death, Delay, and Dismissal

There are numerous technical traps a lawsuit can fall into which will need to be corrected before the matter moves forward. Generally speaking, the current norms of practice are for the parties to sort out any technical deficiencies between themselves so court time can be devoted to arguing the substantive…

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A Gift is a Gift

We often write about the benefits (and some pitfalls) of gifting, before and after death. Personally, when I recommend gifting, I assume that unless there are specific outcomes required to realize on the gift, a gift is exactly that, a gift – something transferred voluntarily without expectation of getting it…

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

Sometime ago, I wrote that the Income Tax Act requires persons and partnerships to file information returns in respect of foreign property ownership (specified foreign property in excess $100,000) and transactions with non-residents . This extends to trusts and estates. Those who file such a return late or do not…

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Estate Planning – A Lesson in Communication

So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation…

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Canadian Snowbirds Buying U.S. Property

Canadian snowbirds flock to Florida to assess the damages caused to their vacation homes following Hurricane Irma. For those who find their homes destroyed by the powerful storm, they may wish to buy new properties altogether.  There are various ways to buy a vacation property in the U.S. and things…

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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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Principal residence exemption and fire loss

The Canada Revenue Agency (CRA) was asked to comment on the availability of the principal residence exemption (PRE) when a previously occupied property is destroyed by fire and a decision is made to sell the property in a later year. The taxpayer purchased a house in 2010 which was ordinarily inhabited…

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The Principal Residence Exemption: Can you Divide and Conquer?

Recently, the Canada Revenue Agency (‘CRA”) was asked for its opinion on a fact situation with implications on the availability of the principal residence exemption for tax purposes, that I think also has applicability to estate planning in general and to some of the issues one can encounter when trying…

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Ontario’s Non-Resident Speculation Tax

Recently the Government of Ontario followed the heels of the British Columbia Government by introducing a “non-resident speculation tax” (“NRST”). The NRST will apply to the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe (the “GGH”) by individuals who are not Canadian citizens…

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