Real Estate | All About Estates

Isle of Trusts

By Anna Alizadeh • April 24, 2019 • 0 Comments

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…

When is a Gift not a Gift?

By Steven Frye • March 12, 2019 • 0 Comments

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…

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

By Steven Frye • January 15, 2019 • 0 Comments

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,…

Source of Income and the TOSI Rules: Clarification?

By Steven Frye • November 20, 2018 • 0 Comments

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…

PLANNING AND ESTATE PLANNING FOR THE DISPOSITION OF REAL ESTATE

By Steven Frye • September 25, 2018 • 2 Comments

I am in the middle of a very difficult Canada Revenue Agency audit of a taxpayer’s claim for the principal residence exemption. It now appears the property in question, built by my client some 25 years ago may not qualify for the full exemption due to the fact that the…

Where’s There is a Will (and a Clear One), There is a Way!

By Steven Frye • September 11, 2018 • 0 Comments

In Campbell v Evert 2018 ONSC 593, the deceased had, in the decade prior to her passing, transferred to Mr. Evert (one of the “kids”) the family cottage valued at $145,000. In her will later that year, she made a specific bequest of $145,000 to Ms. Campbell, the other “kid’,…

Death, Delay, and Dismissal

By Gillian Fournie • July 25, 2018 • 0 Comments

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…

A Gift is a Gift

By Steven Frye • May 8, 2018 • 0 Comments

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…

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

By Steven Frye • November 21, 2017 • 0 Comments

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…

Estate Planning – A Lesson in Communication

By Steven Frye • November 7, 2017 • 0 Comments

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…

Category: Real Estate

Isle of Trusts

When is a Gift not a Gift?

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

Source of Income and the TOSI Rules: Clarification?

PLANNING AND ESTATE PLANNING FOR THE DISPOSITION OF REAL ESTATE

Where’s There is a Will (and a Clear One), There is a Way!

Death, Delay, and Dismissal

A Gift is a Gift

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

Estate Planning – A Lesson in Communication

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