Property

Total 145 Posts

Fair Market Value Used to Test the Meaning of All or Substantially All of the Assets Used in an Active Business

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Under The Income Tax Act (“ITA”), if a taxpayer disposes of property that is all or substantially all of the assets used in an active business for consideration that includes shares of a corporation, the shares are deemed to be capital property. The disposal is considered to be a capital gain and may be eligible for the lifetime capital gains exemption for qualifying companies. This is a very important piece….

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

Unexpected Death? Apply for an Extension

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Death is difficult to control. It has also proved impossible to avoid. However, married spouses are given greater options than the rest of us – they can choose to inherit their deceased partner’s estate under the Succession Law Reform Act or the Family Law Act. When a married spouse dies without a will, the default is that his or her estate will be distributed pursuant to the rules set out….

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Estate Administration, Estate Litigation, Executors, Property, Spouse

PLANNING AND ESTATE PLANNING FOR THE DISPOSITION OF REAL ESTATE

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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 taxpayer may have held other properties, which he also built, in the intervening periods which may or not have been….

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Canada Revenue Agency, Costs, Cottage, Estate Administration, Estate Planning, Investments, Property, Real Estate, Tax Issues, Uncategorized

Where’s There is a Will (and a Clear One), There is a Way!

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In Campbell v Evert 2018 ONSC 593, the deceased had, in the decade prior to her passing, transferred to Mr. Evert (one of the “kids”) the family cottage valued at $145,000. In her will later that year,  she made a specific bequest of $145,000 to Ms. Campbell, the other “kid’, which was consistent with the value of the cottage at that time. Several years later and prior to her passing,….

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Contested wills, Estate Administration, Estate Administration and Probate Applications, Executors, Property, Real Estate, Testamentary Capacity, Trusts, Uncategorized, Wills

Estate Trustees and Costs of Litigation: Try not to take it personally?

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In the work I do, I am asked to provide expert testimony to support litigation. In some cases, I am often quite surprised to what extent parties will continue to litigate matters that appear to be “no-wins” or for small dollar amounts. Depending on the circumstances, parties have taken the personal brunt of litigation costs that may far exceed the amount in question, due primarily to their own intransigence. A….

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Attorney Compensation, Contested wills, Costs, Estate Administration, Executors, Family Conflict, Liability, Property, Trustee, Trustee Disputes, Uncategorized, Wills

TFSA’s and Residency

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Recently, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. What if in a scenario recently presented in a round table discussion with the Canada Revenue Agency (“CRA”), the CRA….

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Canada Revenue Agency, Estate Planning, Investments, Property, Trustee, Trusts, United States
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