All About Estates

Category: Real Estate

Total 42 Posts

Resulting Trusts and Summary Judgment Motions

With its sandy beaches, hiking trails, canoe routes, and wildlife, the Town of Wasaga Beach is a well-loved Ontario vacation destination. However, no town, however idyllic, is immune to lengthy property disputes, especially when the two people fighting are related to each other. Brother A and Brother B were at…

Continue Reading

Gift of Ecologically Sensitive Lands and the Carryover period for charitable donation deduction

In Yellow Point Lodge Ltd. v, The Queen DTC 1130, the Company owned certain lands on Vancouver Island, mostly undeveloped and in its natural state. In June 2008, the Company granted a covenant and other specified legal interests with respect to a parcel of ecologically-sensitive land, to two organizations, with…

Continue Reading

DEEMED TRUST: TAX DEBTS AND PROCEEDS OF INSURANCE

In Canada (A.G.) v Nortip Development 2019 NLCA 34, a company fell behind in remitting payroll withholdings and related amounts for several periods over a two-year period to the Canada Revenue Agency (“CRA”). Around the same time, a property with a mortgage owned by the same company, was destroyed by…

Continue Reading

Tenancy and Equitable Ownership – You Can Have it All!

Can you be a tenant and an equitable owner of a property? Absolutely! Read how you can have it all in Warraich v Choudhry et al, 2019 ONSC 2656. In March 2012, Choudhry purchased a property for $519,000.00. In April 2012, Warraich, one of Choudhry’s friends, moved into the property…

Continue Reading

The Life of Pipeline Transactions: The Beat Goes On

In the past few years, many associated with this blog have written about the benefit of post-mortem pipeline transactions to avoid double tax on disposition of certain assets. Again, and briefly, a pipeline transaction is a form of transaction whereby the assets of a corporation are distributed to shareholders utilizing…

Continue Reading

Ontario’s Non-Resident Speculation Tax – A Cautionary (Trust) Tale

This post reviews the Ontario “Non-Resident Speculation Tax” (“NRST”), and draws attention to an important possible effect to be aware of on land conveyances involving trusts in the province.  This post is a refresher and update to Corina Weigl’s post in June, 2017, which was posted shortly after the proposal…

Continue Reading

Isle of Trusts

Spring is (kind of) here and summer is (hopefully) around the corner.  Like every year, Torontonians will no doubt soon make their way to the Toronto Islands during the summer weekends.  A group of 15 islands interconnected by pathways and bridges in Lake Ontario, the Islands are approximately 15 minutes…

Continue Reading

When is a Gift not a Gift?

Styres v. Martin 2018 ONCA 956 is a case of a gift that unfolded a saga (not over yet and far from it) of diminished capacity, alleged breach of trust, breach of fiduciary duty, unjust enrichment, undue influence to name a few. Mr. Styres lived in a house he built…

Continue Reading

Another Resolution for the New Year – Take Advantage of the Low Prescribed Rate

We have talked about income splitting arrangements available to individuals who wish to loan funds to his/her lower income spouse or adult child, or in the case of minor children, a discretionary family trust. Such loans would be used to invest in income producing properties such marketable securities, mutual funds,…

Continue Reading

Source of Income and the TOSI Rules: Clarification?

Since the Tax on Split Income (“TOSI”) legislation was released, there has been considerable consternation amongst professionals as to how the rules apply. Even the most sophisticated readers of the legislation agree that it contains provisions that are both ambiguous and somewhat complicated. Somewhat out of exasperation, many deal with…

Continue Reading