Property

Total 144 Posts

Estate Planning – A Lesson in Communication

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So I was meeting with the beneficiaries of an estate to finalize some of the tax filings to be made. The tax filings reflected a series of transactions completed to eliminate double taxation on the disposition of some of the estate’s assets. What was causing the possibility of double taxation was the fact that my client (now deceased) had purchased a property thru a holding company, which was in effect….

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Canada Revenue Agency, Credibility, Estate Administration, Estate Planning, Family Conflict, Fiduciary Professions, Property, Real Estate, Uncategorized, Wills

Gifting Personalty

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This Blog was written by: Sally Lee, J.D. In an old New York Times article, I read about Jackie Kennedy Onnasis’ personal effects being initially valued at $6 million and later sold at auction for $34.5 million. The IRS, no doubt, went after its share. When I meet clients for estate planning, I often ask if they own something of significant worth that could be featured on “Antiques Roadshow”. Usually,….

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Estate Planning, Property, Uncategorized

Control in the Valuation of Business Interests for Estate Planning

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From time to time, I am asked to prepare, review or comment on structures for estate planning purposes with a mind to valuation issues. A common valuation issue is control and whether or not the value of the business interest(s) in the estate plan should be discounted for lack of control or should have premium attached to it because the holder of the business interest(s) do(es) have control. Valuators rely….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

GIFTS – Some Additional Thougths

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Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in a manner that will likely cost less tax: For example pay down some personal debt, apply it as a deposit….

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Canada Revenue Agency, Charitable Giving, Estate Litigation, Estate Planning, Family Conflict, Investments, Joint Tenancy, Loans, Philanthropy/Charitable Giving, Probate Tax, Property, Real Estate, Tax Issues, Trusts, Uncategorized

Principal residence exemption and fire loss

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The Canada Revenue Agency (CRA) was asked to comment on the availability of the principal residence exemption (PRE) when a previously occupied property is destroyed by fire and a decision is made to sell the property in a later year. The taxpayer purchased a house in 2010 which was ordinarily inhabited as a principal residence.  In 2016, the house was completely destroyed by a fire and the taxpayer decided to move….

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Canada Revenue Agency, Cottage, Executors, Property, Real Estate, Tax Issues, Uncategorized

Valuators – 2018 Might be a Very Good Year

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I mentioned in my last blog that the government is proposing measures to limit the application of the lifetime capital gains exemption (“LCGE”) to owners of eligible small business corporations, based on age and “reasonableness”. Subject to certain exceptions, the proposals ensure that property held by a trust will no longer be eligible for the LCGE. Under the current proposals, there are transition rules which will permit a one-time multiplication….

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