Today’s blog post has been written by Karen La Caprara, Counsel, at Fasken LLP. When two abutting parcels of land or properties are owned by the same owner or owners, title to the properties automatically merges, unless an exception to this general principle applies.[i] Once title to the abutting…
Tag: real estate
Total 11 Posts
Today’s blog was written by Jessica Butler, Law Clerk at Fasken LLP. Many Canadians hold a large share of their wealth in personally-owned real estate and consider it to be a critical part of their wealth-building strategy. Donald Sutherland, the well known Canadian actor who passed away in June of…
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…
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…
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…
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…
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,…
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…
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…
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…