Property

Total 144 Posts

Is a Sale for $1 the Same as a Gift?

• • 0 Comments

Most transactions between parties not at arm’s length with each other (often described as related parties, such as family members), the parties to the transaction are subject to a one-sided adjustment where the transaction proceeds does not equal fair market value (“FMV”). If the price exceeds FMV, then the cost to the purchaser is limited to the FMV while the vendor is taxed based on price. If FMV exceeds price,….

Is a Sale for $1 the Same as a Gift? Continue Reading »

Canada Revenue Agency, Charitable Giving, Costs, Estate Planning, Investments, Property, Tax Issues, Wills

Individual Pension Plans Revisited (Again) – What about Pension Transfers?

• • 2 Comments

When a member of an employer sponsored pension plan ceases employment, the member may receive a lump sum payment for the commuted value of their pension rights, exposing that member to a significant tax bill, as only a limited amount of the payment can be transferred to an RRSP. There exists the possibility of using the pension payout to fund an IPP. Under the right circumstances this may permit the….

Individual Pension Plans Revisited (Again) – What about Pension Transfers? Continue Reading »

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

Isle of Trusts

• • 0 Comments

Spring is (kind of) here and summer is (hopefully) around the corner.  Like every year, Torontonians will no doubt soon make their way to the Toronto Islands during the summer weekends.  A group of 15 islands interconnected by pathways and bridges in Lake Ontario, the Islands are approximately 15 minutes away by ferry from downtown Toronto.  With its beaches, activities, and nature paths, it’s a popular spot for Torontonians to….

Isle of Trusts Continue Reading »

Estate Planning, Property, Real Estate

When is a Gift not a Gift?

• • 0 Comments

Styres v. Martin 2018 ONCA 956 is a case of a gift that unfolded a saga (not over yet and far from it) of diminished capacity, alleged breach of trust, breach of fiduciary duty, unjust enrichment, undue influence to name a few. Mr. Styres lived in a house he built on land given by his father, for about 20 years, when in 1998, he suffered a very serious brain injury….

When is a Gift not a Gift? Continue Reading »

Capacity Law, Caregiving, Disability, Estate Litigation, Power of Attorney, Property, Real Estate, Resulting Trust, Trusts, Uncategorized, Undue influence

Two Isn’t Always Better Than One: The Perils of Joint Accounts

• • 0 Comments

This blog was written by Lara Besharat Earlier this month, a Toronto-based FinTech company launched a new feature for their app that aims to simplify the process of creating and maintaining a joint account. The app allows for joint accounts to be created and managed entirely via your mobile device, and, with equal power over the account, users can send e-transfers, deposit money, and reload the account with the pre-paid….

Two Isn’t Always Better Than One: The Perils of Joint Accounts Continue Reading »

Estate Planning, In the News, Property, Resulting Trust, Uncategorized

Estate Applied to Have Filings Made by Taxpayer Lacking Mental Capacity Set Aside

• • 0 Comments

In Ntakos Estate v. The Queen, 2018 TCC 224, a family business was owned by the deceased taxpayer, Anna (after her husband passed away in 1995) with two brothers-in-law through a holding corporation. Anna’s mental and physical health declined from 1995 until her death in 2004. She was diagnosed in 2002 with cancer, and apparently lacked mental capacity after that date. In 2003, the accountant for the family business got….

Estate Applied to Have Filings Made by Taxpayer Lacking Mental Capacity Set Aside Continue Reading »

Canada Revenue Agency, Capacity Law, Estate Administration, Family Conflict, Investments, Property, Small Business, Spouse, Tax Issues, Testamentary Capacity, Uncategorized
Scroll to Top