Who gets the Leaf tickets? This was the question the court had to determine in the recent case of Anspor Construction Ltd. v. Neuberger Estate (Trustee of)[1]. In this case, the court provided a good summary of the requirements to establish a bare trust and a purchase money resulting trust against a background of interesting facts. The applicant partnership, Nuspor Investments (“Nuspor”) sought a declaration that Toronto Maple Leaf season….

The principal residence exemption allows a Canadian taxpayer to shelter the capital gains realized on the sale (or other disposition) of a property that meets the definition of a “principal residence” in the Income Tax Act (Canada). Over the years the rules related to claiming the exemption have been tightened up. For example, up until 1982 where two spouses owned different principal residences, each could claim the exemption over their respective property. This was changed in 1982, such that each family unit can only have one principal residence for a given time period…..