Property

Total 146 Posts

Time to Refreeze: Redux

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The freezing of current share value so that your chosen successors can easily participate in the future growth of your enterprise is a common estate planning technique. What if the value of the frozen shares now exceeds the value of the enterprise as a whole? I wrote about this sometime ago and I think the current economic circumstances create an opportunity to revisit it. The Covid-19 crisis has lead to….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, In the News, Investments, Property, Real Estate, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

Actions Have Consequences – They May Sever Joint Tenancy

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Leaving aside other means of severance, including that which occurs on bankruptcy or by judicial sale, there are three main ways to sever a joint tenancy: Unilaterally acting on one’s own share, such as selling or encumbering it; A mutual agreement between the co-owners to sever the joint tenancy; and Any course of dealing sufficient to intimate that the interests of all were mutually treated as constituting a tenancy in….

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Estate Administration, Estate Litigation, Estate Planning, Executors, Family Conflict, Joint Tenancy, Property, Real Estate, Spouse

Clash of the Limitation Periods

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The Limitations Act, 2002, SO 2002, c 24, Sch B, brought order and clarity to limitation periods in Ontario. However, the Limitations Act did not displace all existing limitation periods established by statute. The Limitations Act carves out several exceptions, including the Real Property Limitations Act, RSO 1990, c L.15 and s. 38(3) of the Trustee Act, RSO 1990, c T.23 (see ss. 2(1)(a) and 19(1) of the Limitation Act)…..

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Estate Administration, Estate Litigation, Estate Planning, Executors, Family Conflict, Property, Real Estate, Spouse, Succession Planning, Trusts, Wills

Resulting Trusts and Summary Judgment Motions

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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 odds with each other over the beneficial ownership of a house in Wasaga Beach. Brother A was on title to….

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Compensation, Cottage, Family Conflict, Loans, Probate Tax, Property, Real Estate, Resulting Trust, Tax Issues, Trustee Compensation, Trusts

DEEMED TRUST: TAX DEBTS AND PROCEEDS OF INSURANCE

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In Canada (A.G.) v Nortip Development 2019 NLCA 34, a company fell behind in remitting payroll withholdings and related amounts for several periods over a two-year period to the Canada Revenue Agency (“CRA”). Around the same time, a property with a mortgage owned by the same company, was destroyed by fire. A portion of proceeds of insurance on that property (equal to the amount owed to the CRA) were claimed….

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Canada Revenue Agency, Property, Real Estate, Small Business, Tax Issues, Trusts, Uncategorized

Tenancy and Equitable Ownership – You Can Have it All!

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Can you be a tenant and an equitable owner of a property? Absolutely! Read how you can have it all in Warraich v Choudhry et al, 2019 ONSC 2656. In March 2012, Choudhry purchased a property for $519,000.00. In April 2012, Warraich, one of Choudhry’s friends, moved into the property with his family. As sometimes happens, the friendship broke down. When he was asked to move out, Warraich commenced an….

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Joint Tenancy, Property, Real Estate, Resulting Trust, Small Business, Trusts
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