Real Estate

Total 96 Posts

No good deed goes unpunished by the CRA

• • 0 Comments

Part I – Personal Attribution This blog has been written by Pritika Deepak /Associate at Fasken LLP Gifting property or making loans to family members is a common way for individuals to transfer and share their wealth with their loved ones. There are, however, several rules in the Income Tax Act (Canada)[1] (the “Act”), commonly referred to as the attribution rules, which prevent or restrict an individual from “income splitting”…..

No good deed goes unpunished by the CRA Continue Reading »

Canada Revenue Agency, Estate Planning, Real Estate, Tax Issues, Uncategorized

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

• • 1 Comment

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 to accomplish their goal of transferring real property without paying estate administration tax (also known as “probate fees”) is by….

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

Estate Administration, Estate Planning, Joint Tenancy, Probate Tax, Real Estate, Wills

Further Assessing Drake’s Estate Planning Needs

• • 0 Comments

Nearly two years ago, I wrote a blog post titled “Assessing Drake’s Estate Planning Needs”. The post looked at rap sensation Drake’s assets vis-à-vis his intent for his son Adonis to be the sole beneficiary of his estate, and the various considerations that he ought to have in planning for the effective transition of his wealth to Adonis. Yet, as any advisor in this space knows, the estate planning discussion….

Further Assessing Drake’s Estate Planning Needs Continue Reading »

Business Succession Planning, Canada Revenue Agency, Executors, Insurance, Investments, Real Estate, Succession Planning, Tax Issues

Gefen Estate v. Gefen

• • 0 Comments

The Ontario Court of Appeal (“ONCA”) decision in Gefen Estate v. Gefen is an interesting read which provides insight into a variety of topics including mutual wills and mutual will agreements, secret trusts, the doctrine of unconscionable procurement, and more! By way of background, Elias and Henia Gefen were married for 65 years. They were Holocaust survivors who came to Canada in 1951. They had three sons: Harvey, Harry, and….

Gefen Estate v. Gefen Continue Reading »

Appeals, Capacity Law, Estate Administration, Estate Litigation, Family Conflict, Joint Tenancy, Power of Attorney, Real Estate, Testamentary Capacity, Uncategorized, Undue influence, Wills

What Happens When One Joint Owner is in Debt?

• • 0 Comments

While the right of survivorship is often thought of as the defining characteristic of joint tenancy, joint tenancy is also defined by “four unities.” Justice Perell succinctly defined the “four unities” in Royal & SunAlliance Insurance Company v Muir, 2011 ONSC 2273: A joint tenancy is distinguished by what are known as four unities: (1) unity of title, the co-owners take under the same instrument; (2) unity of interest, the….

What Happens When One Joint Owner is in Debt? Continue Reading »

Appeals, Family Conflict, Joint Tenancy, Property, Real Estate, Spouse

Flipped property – estates beware

• • 0 Comments

Executors generally liquidate the assets of an estate in a timely manner following an individual’s death. This may include the disposition of the deceased’s primary residence, cottage or rental property (herein referred to as a “housing unit”). An estate may realize a gain on a housing unit if it is sold at a price higher than its fair market value on the date the individual died.  Prior to 2023, the….

Flipped property – estates beware Continue Reading »

Estate Administration, Executors, Real Estate, Tax Issues, Trusts
Scroll to Top