Cottage | All About Estates

Yet Another Family Cottage Feud

By Jacob Kaufman • February 5, 2020 • 0 Comments

In summertime cottages are the delight of everyone. But that dreamy cottage can turn into an estate litigation nightmare, as one family discovered in Donaldson v. Braybrook, 2020 ONCA 66. Margaret had four children: Wendy, Susan, Thomas and Barry. She allowed them all generous access to her cottage. In fact,…

The best laid plans…

By Scotiatrust • December 5, 2019 • 0 Comments

This blog was written by Veronique Thomas-Ewen, Associate Estate and Trust Consultant with Scotia Wealth Management In a carefully planned will, the testator names the spouse as the executor, leaves the family residence and residue to that spouse, but directs the family cottage be held in trust. The spouse has…

Resulting Trusts and Summary Judgment Motions

By Gillian Fournie • October 9, 2019 • 0 Comments

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…

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…

Creating a “Cottage Family”

By Maureen Berry • April 6, 2018 • 0 Comments

The longer days and (occasionally) sunny skies remind us that cottage season is once again almost upon us. A source of great pleasure, the family cottage can also be a source of great angst in the context of estate planning. While often not the largest asset in an estate from…

Taming the Cottage Gremlins with a Non-Profit Organization

By Paul Fensom • September 21, 2017 • 0 Comments

This Blog was written by Carol Willes, One of our family’s favourite pastimes at the cottage is to build a roaring campfire and spend the evenings telling stories, singing along to guitar tunes and roasting the occasional marshmallow. Every so often, however, some unwelcome visitors show up and crash our…

Principal residence exemption and fire loss

By Derek de Gannes • August 22, 2017 • 0 Comments

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…

Principal residence and the change in use

By Derek de Gannes • May 16, 2017 • 0 Comments

It is not unusual for find the value of a deceased’s home makes up a significant part of their net worth and estate value on death. Often there is an automatic reliance on the principal residence exemption to tax exempt the gain on the deemed sale triggered on death. What…

There is no place like home – time to report it!

By Derek de Gannes • October 11, 2016

Until recently, an individual selling his or her “principal residence” did not have to report anything on their tax return for the year of disposition. This is about to change.

Principal Residence Exemption and some of the “What if’s”

By Steven Frye • July 26, 2016

In my last blog, I wrote about the role of “beneficial” ownership in the determination of whether a property qualifies for the principal residence exemption. With an acknowledgment to Keith Masterman of “Advisor.ca”, I thought I would take the opportunity to write about some other “what if’s” and how the…

Category: Cottage

Yet Another Family Cottage Feud

The best laid plans…

Resulting Trusts and Summary Judgment Motions

PLANNING AND ESTATE PLANNING FOR THE DISPOSITION OF REAL ESTATE

Creating a “Cottage Family”

Taming the Cottage Gremlins with a Non-Profit Organization

Principal residence exemption and fire loss

Principal residence and the change in use

There is no place like home – time to report it!

Principal Residence Exemption and some of the “What if’s”

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