All About Estates

Tag: real estate

Total 9 Posts

Taking Back Control of Real Property

It is important to consider estate planning objectives when entering into real estate transactions. For example, a client may intend to retain control of real property in that they intend to be able to dispose of it on death. However, if the relevant estate planning objectives are not identified and…

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Joint tenancy: a cost-effective or costly measure to save on probate fees?

This blog has been written by Mohena Singh, Associate at Fasken LLP As an estate planner, one of the most common questions I am asked is, “How do I transfer my house or cottage to my family without paying estate administration tax?” A common way we have seen individuals attempt…

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Hot real estate market can put heat on Executors

This Blog was written by Suzanna Walter, Estate and Trust Consultant with Scotia Wealth Management There have been many articles written about the dramatic increase in real estate values in Canada. This real estate boom has implications for executors’ administering estates. Maureen Berry in  her article Non-Resident Beneficiaries and Canadian…

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Non-Resident Beneficiaries and Canadian Real Property: Canada’s hot housing market can increase the work of estate executors

Distributions from the estate of a Canadian resident to a non-resident can give rise to additional compliance obligations under section 116 of the Income Tax Act where the estate owns Canadian real estate.  The need for such a clearance certificate is determined based on the value of real estate held…

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Restricted gifts of real estate

When I was a young charitable gift planner, my charity was offered a cluster of islands on Georgian Bay.  Surrounding the 100-year-old family cottage were sheds, cabins and boat houses.  The donors had a vision: it would be a children’s camp. It was a stunning property.  Valuable, despite the sagging,…

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A bare trust, also referred to as a naked trust, exists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust. The sole…

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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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Which Comes First: Preferential Share or Mortgages?

The Succession Law Reform Act (“SLRA”) provides that if a married person dies intestate, the first $200,000 (called the “preferential share”) of the deceased’s net estate goes to the married spouse[i]. Any funds remaining after the payment of the preferential share is shared among the spouse and children. In Re Estate of Richard…

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Donations involving Private Company Shares & Real Estate

The announcement in the 2015 Federal Budget that capital gains would be eliminated on donations involving private company shares and real estate was short on detail. As a result the measure, which would be effective beginning 2017, was not passed by Parliament. In mid-summer, the Department of Finance released the…

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